106 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (Cont’d) 33. Related Party Disclosures (a) Identifying related parties For the purposes of these financial statements, parties are considered to be related to the Group 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 included 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 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 in 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 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 1.1.2022 to 30.6.2023 1.1.2021 to 31.12.2021 RM RM RM RM Transactions with subsidiary companies Application services rendered - - 470,700 313,800 Dividend received/receivable - - 570,000 470,000 Management fee income - - 122,400 81,600 Sales of computer and software - - 15,219 - Waiver of debt - - - 285,370 Transactions with a related party Application services rendered 14,800 19,800 - - Sales commission for disposal of asset - 5,280 - 5,280 Rental of office 544,612 363,075 544,612 363,075 Transactions with former Directors Consultancy fee paid/payable - 121,290 - 121,290
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