S E C T I O N 6 F I N A N C I A L R E P O R T S 127 MANAGER’S REPORT Directors of the Manager's interests According to the Register of Directors’ Shareholding, none of the directors in office at the end of financial year held any interest in shares in the Company during and at the end of the financial year. None of the directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year. Manager's remuneration Pursuant to the Deed dated 25 November 2019, the Manager is entitled to receive from the Fund: (a) A base management fee of up to 1% per annum of total asset value (excluding cash and bank balances) of the Fund calculated on a monthly accrual basis; (b) An acquisition fee of 1% of the transaction value (being the total purchase price) of any investment property directly or indirectly acquired from time to time by the Trustee for and on behalf of the Fund pro-rated, if applicable, to the proportion of the Fund’s interest and payable to the Manager upon completion of the acquisition of the investment property; and (c) A disposal fee of 0.5% of the transaction value (being the total sales price) of any investment property directly or indirectly sold from time to time by the Trustee for and on behalf of the Fund pro-rated, if applicable, to the proportion of the Fund’s interest and payable to the Manager upon completion of the disposal of the investment property. Soft commission During the year, the Manager did not receive any soft commission from its broker, by virtue of transactions conducted by the Fund. Reserves and provision There was no material transfer to and from reserves or provisions during the year, other than those as disclosed in the statement of changes in net asset value. Holding company and corporation The immediate holding company is Damansara Assets Sdn. Bhd., the ultimate holding corporation is Johor Corporation, a body corporate established under the Johor Corporation Enactment No. 4, 1968 (as amended by the Enactment No. 5, 1995). Both holding company and corporation are incorporated in Malaysia. Other statutory information (a) Before the statements of comprehensive and statements of financial position of the Group and the Fund were made out, the Manager took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the Manager is not aware of any circumstances which would render: (i) the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Fund inadequate to any substantial extent; and (ii) the values attributed to the current assets in the financial statements of the Group and of the Fund misleading.
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