| Schedule of nature and purpose of transaction amounts and outstanding balances for related parties |
The
nature and purpose of transaction amounts and outstanding balances for related parties consist of the following:
Schedule of nature and purpose of transaction amounts and outstanding balances for related parties
| | |
| |
| |
As of December 31, | | |
Years Ended December 31, | | |
Subsequent to
December 31, | |
| | |
| |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2022 | | |
2024 | |
| | |
| |
| |
Balances | | |
Amounts | | |
Amounts | |
| Name | |
Relationship | |
Nature/Purpose | |
Receivables (Liabilities) | | |
Sales (Purchases) | | |
Settled | |
| Benua Hijau Sdn Bhd | |
Entity owned by Controlling Shareholder | |
Advances | |
$ | - | | |
$ | 110 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| |
CSR expenses | |
| (98,504 | ) | |
| - | | |
| (98,658 | ) | |
| | | |
| | | |
| 5,466 | |
| Black Hummer Security Sdn Bhd | |
An entity controlled by Tan Sri Mohd Bakri Bin Mohd Zinin, one of the directors of Tumpuan Megah | |
Security services | |
| - | | |
| - | | |
| - | | |
| (1,448 | ) | |
| (16,877 | ) | |
| - | |
| Dato’ Mohd Suhaimi bin Hashim | |
Director of Tumpuan Megah and shareholder of TMDF | |
Advances | |
| (224 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Dato’ Sri Kam Choy Ho | |
Director of the Company | |
Advances | |
| - | | |
| (21,716 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| Megah Port Management Sdn Bhd | |
Entity owned by Controlling Shareholder and disposed on September 30, 2024 | |
Advances | |
| - | | |
| 93 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Pan Management Services Ltd | |
Entity owned by Controlling Shareholder | |
Management service | |
| (131,081 | ) | |
| (295,610 | ) | |
| - | | |
| (234,137 | ) | |
| (198,567 | ) | |
| 36,548 | |
| Raja Ismail Bin Raja Mohamed | |
Director of Tumpuan Megah | |
Reimbursable legal fees | |
| 1,823,609 | | |
| 1,469,762 | | |
| - | | |
| - | | |
| - | | |
| 145,658 | |
| Sinar Maju Logistik Sdn Bhd | |
Entity owned by Controlling Shareholder | |
(i) Shipping agency services | |
| 95,841 | | |
| (30,420 | ) | |
| (270,505 | ) | |
| (525,067 | ) | |
| (867,297 | ) | |
| - | |
| | |
| |
(ii) Sales of fresh water | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,117 | | |
| - | |
| Sinar Maju Marin Sdn Bhd | |
Subsidiary of Sinar Maju Logistik Sdn Bhd, Entity owned by Controlling Shareholder | |
Shipping agency services | |
| (1,710 | ) | |
| (19,865 | ) | |
| (69,404 | ) | |
| (71,606 | ) | |
| (47,566 | ) | |
| 1,710 | |
| Straits Alliance Transport Sdn Bhd | |
Entity owned by Controlling Shareholder | |
Advances | |
| 1,057 | | |
| 1,024 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Straits Energy Resources Berhad | |
Controlling Shareholder | |
(i)Working capital advances | |
| 8,636,466 | | |
| 1,623,241 | | |
| - | | |
| - | | |
| - | | |
| 477,125 | |
| | |
| |
(ii) Management service | |
| - | | |
| - | | |
| - | | |
| - | | |
| (142,919 | ) | |
| - | |
| Strait Management Service Sdn Bhd | |
Entity owned by Controlling Shareholder | |
(i) Management service | |
| (395,226 | ) | |
| (154,982 | ) | |
| (499,091 | ) | |
| (269,897 | ) | |
| (144,036 | ) | |
| - | |
| | |
| |
(ii) Advances | |
| - | | |
| 1,385 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Victoria STS (Labuan) Sdn Bhd | |
Entity owned by Controlling Shareholder | |
(i) Sales of marine gas oil | |
| 27,762 | | |
| 36,240 | | |
| - | | |
| 151,349 | | |
| 235,544 | | |
| - | |
| | |
| |
(ii) Sales of ship management service | |
| 935,522 | | |
| 595,538 | | |
| 177,534 | | |
| 122,240 | | |
| 19,584 | | |
| - | |
| | |
| |
(iii) Purchase of tugboat services | |
| - | | |
| - | | |
| (9,402 | ) | |
| (21,201 | ) | |
| (21,808 | ) | |
| - | |
| Victoria 1 Limited | |
Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder | |
(i) Sales of ship management service | |
| - | | |
| - | | |
| - | | |
| - | | |
| 53,341 | | |
| - | |
| | |
| |
(ii) Sales of marine gas oil | |
| - | | |
| - | | |
| - | | |
| - | | |
| 76,732 | | |
| - | |
| Victoria 2 Limited | |
Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder | |
(i) Sales of marine gas oil | |
| - | | |
| - | | |
| - | | |
| - | | |
| 97,939 | | |
| - | |
| | |
| |
(ii) Sales of ship management service | |
| - | | |
| - | | |
| - | | |
| - | | |
| 22,962 | | |
| - | |
| Victoria 3 Limited | |
Subsidiary of Victoria STS (Labuan) Sdn Bhd, Entity owned by Controlling Shareholder | |
(i) Sales of ship management service | |
| 72,310 | | |
| 74,066 | | |
| - | | |
| 16,788 | | |
| - | | |
| - | |
| Total, net | |
| |
| |
$ | 10,965,822 | | |
$ | 3,278,866 | | |
$ | (769,526 | ) | |
$ | (832,979 | ) | |
$ | (927,851 | ) | |
$ | 666,507 | |
Related
party transactions other than sales and purchases:
| | |
| |
| |
Years Ended December 31, | |
| Name | |
Relationship | |
Nature/Purpose | |
2024 | | |
2023 | | |
2022 | |
| Ho Hung Ming | |
Son of Dato’ Sri Kam Choy Ho | |
Remuneration | |
$ | (72,487 | ) | |
$ | (67,895 | ) | |
$ | (67,730 | ) |
| Straits Energy Resources Berhad | |
Controlling Shareholder | |
Interest income | |
$ | 375,365 | | |
$ | 32,089 | | |
$ | - | |
|
| Schedule of sales revenues and purchases for related parties |
The
sales revenues and purchases for related parties consist of the following:
Schedule of sales revenues and purchases for related parties
| | |
2024 | | |
2023 | | |
2022 | |
| | |
Years Ended December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Related party sales revenues | |
$ | 177,534 | | |
$ | 290,377 | | |
$ | 511,219 | |
| Related party purchases | |
| (947,060 | ) | |
| (1,123,356 | ) | |
| (1,439,070 | ) |
| Total, net | |
$ | (769,526 | ) | |
$ | (832,979 | ) | |
$ | (927,851 | ) |
|