Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

156
Notes to the Financial Statements
For the fi nancial year ended 31 December 2011
41. Related party transactions (contd.)
(a) Sales and purchases of goods and services (contd.)
(i) One of the directors of the Company, Dato Sri Mahmud Abu Bekir Taib, through his 15.65%
(2010: 15.65%) equity interest in Achi Jaya Communication Sdn. Bhd. (“AJC”), has an interest
in a contract for the supply of telecommunication equipment and services to the Group. During
the fi nancial year, the Group purchased telecommunication equipment and received services of
RM19,473 (2010: RM31,526) from AJC. There was an outstanding amount of RM7,991 (2010:
RM18,059) with AJC at the reporting date.
(ii) The Group has transacted with Satria Realty Sdn. Bhd., a company controlled by Majaharta Sdn.
Bhd. (a major shareholder of the Company) which in turn is controlled by Datin Hanifah Hajar
Taib and Jamilah Hamidah Taib (major shareholders of the Company and persons connected
to Dato Sri Mahmud Abu Bekir Taib and Datuk Syed Ahmad Alwee Alsree), for the provision of
offi ce rental to the Group for an amount of RM908,081 (2010: RM920,086). No balance with the
company was outstanding at the reporting date (2010: Nil).
(iii) The Group has transacted with Centigrade Resources Sdn. Bhd. (”CR”), a subsidiary of Satria
Realty Sdn. Bhd., for the provision of offi ce upkeep services to the Group for an amount of
RM683,126 (2010: RM687,939). There was an outstanding amount of RM37,085 (2010: RM4,511)
with CR at the reporting date.
(iv) The Group has entered into a contract with KTA (Sarawak) Sdn. Bhd. (“KTA”), a fi rm of which the
brother of one of the directors of the Company, Datu Michael Ting Kuok Ngie @ Ting Kok Ngie
has 20% direct interest, for the provision of engineering consultancy services to the Group for
an amount of RM5,771 (2010: RM394,448). There was no outstanding balance with KTA at the
reporting date (2010: Nil).
(v) The Group has incurred food and refreshments expenditure with Borneo Isthmus Development
Sdn. Bhd. (“BID”), a company of which one of the directors of the Company, Dato Sri Mahmud
Abu Bekir Taib, has relationship by virtue of his directorship. During the fi nancial year, the Group
incurred an amount of RM120,676 (2010: RM41,212) with BID. There was no outstanding balance
with BID at the reporting date (2010: Nil).
(vi) During the year, the Group has not incurred any expenses relating to management advisory
services and accommodation with AGI Asset Management Ltd. (“AGI”), a fi rm controlled
by a director of a former subsidiary, Ian Tham Khean Hin (2010: RM226,542). There was no
outstanding balance with AGI at the reporting date (2010: Nil).
(vii) One of the directors of a subsidiary company, Azam Azman, by virtue of his directorship in Opus
Asset Management Sdn. Bhd. (“OPUS”), has interest in a contract for the provision of investment
management services to the Group for an amount of RM160,930 (2010: RM161,260). There was
an outstanding amount of RM27,342 (2010: RM26,358) with OPUS at the reporting date.
(viii) One of the directors of a subsidiary company, Azam Azman, by virtue of his directorship in Opus
Capital Sdn. Bhd. (“OPUSCAP”), has interest in a contract for the provision of advisory services
to the Group for an amount of RM127,200 (2010: RM42,000). There was no outstanding balance
with OPUSCAP at the reporting date (2010: Nil).
Cahya Mata Sarawak Berhad