NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 42. FINANCIAL GUARANTEES Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Guarantee given to financial institution for credit facilities granted to subsidiaries - - 57,771 43,458 Bank guarantee for performance bond given to third parties 6,651 6,015 6,000 5,555 6,651 6,015 63,771 49,013 43. RELATED PARTY DISCLOSURES (a) Identifying related parties For the purposes of these financial statements, parties are considered to be related to the Group and to the Company if the Group or the Company has the ability, directly or indirectly, to control or joint 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. Related parties may be individuals or other entities. Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group and of the Company either directly or indirectly. The key management personnel comprise the Directors and management personnel of the Group and of the Company, having authority and responsibility for planning, directing and controlling the activities of the Group and of the Company directly or indirectly. (b) Significant related party transactions Related party transactions have been entered into the normal course of business under negotiated terms. In addition to the related party balances disclosed elsewhere in the financial statements the significant related party transactions of the Group and of the Company are as follows: Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Transactions with subsidiaries - Sales - - 960 960 - Dividend income - - 200,000 125,000 - Rental income - - 4,939 5,000 - Interest income - - 8,014 10,469 - Management fee - - (4,010) (4,010) Transaction with a related party* - Professional fee (250) (250) (250) (250) * a company in which Dato’ Dr Norraesah Binti Haji Mohamad has a substantial financial interest. 240 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) C G S
RkJQdWJsaXNoZXIy NDgzMzc=