My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 207 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 43. RELATED PARTY DISCLOSURES (a) Identities of Related Parties Parties are considered to be related to the Group if the Group or the Company has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control. In addition to the information detailed elsewhere in the financial statements, the Group has related party relationships with its directors, associates, joint ventures, key management personnel and entities within the same group of companies. (b) Significant Related Party Transactions and Balances Other than those disclosed elsewhere in the financial statements, the Group and the Company also carried out the following transactions with the related parties during the financial year/period:- The Group The Company 1.1.2020 to 31.12.2020 1.10.2018 to 31.12.2019 1.1.2020 to 31.12.2020 1.10.2018 to 31.12.2019 RM’000 RM’000 RM’000 RM’000 Sales to: A subsidiary MECSB - - 720 1,200 Dividend income from a subsidiary EGSB - - 300,000 300,000 Purchase from subsidiaries - - 1 2 Management fees charged by a subsidiary: MYEGMS - - 2,005 5,502 Rental income from subsidiaries - - 3,390 5,677 Interest income from a subsidiary - - 12,218 10,309 Professional fees charged by a related party: Embunaz Ventures Sdn. Bhd.* 250 312 250 312 Transfer of assets from an associate MINT (Note 8) 390 - 390 - * a Company in which Dato’ Dr Norraesah Binti Haji Mohamad has a substantial financial interest. The significant outstanding balances of the related parties together with their terms are disclosed in the respective notes to the financial statements.