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232
Gamuda Berhad (29579-T) • Annual Report 2012
41. Significant related party transactions
(a)
In addition to transactions detailed elsewhere in the financial statements, the Group and the Company had the
following transactions with related parties during the financial year:
Group
Company
2012
2011
2012
2011
RM’000
RM’000
RM’000
RM’000
Professional services rendered by
Raja Eleena, Siew Ang & Associates,
a firm in which a director,
YTM Raja Dato’ Seri Eleena binti
Sultan Azlan Shah has interest
1,202
1,170
-
-
Contract services rendered by
GLC Architect, a company in which
a person connected with a director,
Y Bhg Dato’ Goon heng Wah, has interest
843
170
-
-
Contract services rendered to
Syarikat Pengeluar Air Sungai Selangor
Sdn. Bhd., an associated company
(101,126)
(108,940)
-
-
Contract services rendered
to MMC-Gamuda JV 2T
(37,853)
(45,505)
-
-
Sale of land to a subsidiary
-
-
(30,000)
-
Rental received from subsidiaries
-
-
(1,347)
(676)
Interest receivable from subsidiaries
-
-
(25,032)
(11,057)
In prior year, contract services amounting RM51,000 and RM1,150,000 were rendered by SSP (E&M) Sdn.
Bhd. and Sepakat Setia Perunding Sdn. Bhd. respectively, companies in which a former director, Y. Bhg Tan Sri
Dato’ Ir. Talha bin haji Mohd hashim has interest.
During the year, the Company and its joint venture partner, MMC Corporation Berhad (“MMC”) issued parent
company guarantees to guarantee the due performance and obligations of MMC Gamuda KVMRT (T) Sdn Bhd
(“Tunnel JV”) in the underground works package of the Klang Valley Mass Rapid Transit Project. Tunnel JV is
equally owned by MMC and Gamuda.
Work on this package has commenced. The parent company guarantees have not been called because Tunnel
JV has performed and met its obligations in compliance with the terms of the contract.
The directors are of the opinion that the transactions above have been entered into in the normal course of
business.
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012