31. Significant related party transactions
Identification of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control
the party or exercise significant influence over the party in making financial and operation decisions, or vice
versa, or where the Group and the party are subject to common control or common significant influence.
Related parties may be individuals or other entities.
Related parties of the Group include:
(i) Direct and indirect Subsidiaries;
(ii) Immediate Holding Company, Boustead Holdings Berhad (BHB), its Subsidiaries and Associates;
(iii) Ultimate Holding Corporation, Lembaga Tabung Angkatan Tentera (LTAT), its Subsidiaries and direct and
indirect Associates;
(iv) Direct and indirect Associates;
(v) Key management personnel which comprises persons (including the Directors of the Company) having
authority and responsibility for planning, directing and controlling the activities of the Group directly or
indirectly.
Significant related party transactions other than those disclosed elsewhere in the financial statements are as
follows:
Group
Company
2015
2014
2015
2014
RM’000
RM’000
RM’000
RM’000
Subsidiaries
Sale of fresh fruit bunches
-
-
49,507
32,497
Rental income
-
-
-
34,832
Plantation management fees
-
-
362
842
Subsidiaries of Immediate
Holding Company
Purchase of non-regulated petroleum products
2,170
1,300
50
196
Purchase of equipment
1,026
1,563
–
15
Travel agency services
676
743
3
9
Computer services
1,686
2,525
4
37
Office rental
1,251
1,132
-
-
Immediate Holding Company
General management fees
1,729
1,562
318
276
Tax consultancy fees
126
98
33
17
Associates
Advisory fees
1,113
1,131
9
83
Research and development
12,785
9,931
-
-
Associates of Immediate Holding Company
Insurance premium
3,015
2,614
17
193
Interest income
3,113
4,562
3,113
4,562
Finance cost
11,455
4,495
11,455
4,495
n otes to th e f i nan c i a l statements
Bo ustead plantati o ns Berhad
120
