Schedule of Other Transactions with Related Parties |
Other transactions with related parties
|
|
For the year ended December 31, | |
|
|
2023 | | |
2024 | |
|
|
MYR | | |
MYR | | |
USD | |
Farm solution sales to |
|
| | | |
| | | |
| | |
Agroz Ventures Sdn. Bhd. (i) |
|
| 4,000,000 | | |
| — | | |
| — | |
Agroz Vertical Farms Sdn. Bhd. (v) |
|
| — | | |
| 1,400,174 | | |
| 313,273 | |
|
|
| | | |
| | | |
| | |
Fresh vegetable sales to |
|
| | | |
| | | |
| | |
EPetani Sdn. Bhd. (ii) |
|
| 1,145,443 | | |
| — | | |
| — | |
Isa Wellness Marketing (viii) |
|
| 327,776 | | |
| 32,841 | | |
| 7,348 | |
|
|
| | | |
| | | |
| | |
Consultancy fees to |
|
| | | |
| | | |
| | |
Ahoku Ventures Sdn. Bhd. (ix) |
|
| 350,000 | | |
| — | | |
| — | |
|
|
| | | |
| | | |
| | |
Commission fee to |
|
| | | |
| | | |
| | |
Au Say Kiat (x) |
|
| 137,912 | | |
| — | | |
| — | |
|
|
| | | |
| | | |
| | |
Purchases of fresh produce from |
|
| | | |
| | | |
| | |
EPetani Sdn. Bhd. (ii) |
|
| 48,581 | | |
| — | | |
| — | |
Agroz Vertical Farms Sdn. Bhd. (v) |
|
| 886,100 | | |
| 4,115,842 | | |
| 920,873 | |
Agroz Ventures Sdn. Bhd. (i) |
|
| — | | |
| 274,733 | | |
| 61,468 | |
|
|
| | | |
| | | |
| | |
Purchase of IT software from |
|
| | | |
| | | |
| | |
Braiven Co., Ltd. (vi) |
|
| 1,423,354 | | |
| 6,341,924 | | |
| 1,418,934 | |
|
|
| | | |
| | | |
| | |
Expenses paid by the Group on behalf of |
|
| | | |
| | | |
| | |
Agroz Vertical Farms Sdn. Bhd. (v) |
|
| 1,571,296 | | |
| 818,196 | | |
| 183,062 | |
Agroz Ventures Sdn. Bhd. (i) |
|
| 19,000 | | |
| 751,695 | | |
| 168,183 | |
|
|
| | | |
| | | |
| | |
Loan from |
|
| | | |
| | | |
| | |
HWG Cash (vii) |
|
| 1,363,000 | | |
| — | | |
| — | |
|
|
| | | |
| | | |
| | |
Interest on a loan from |
|
| | | |
| | | |
| | |
HWG Cash (vii) |
|
| 17,081 | | |
| 27,260 | | |
| 6,099 | |
|
|
| | | |
| | | |
| | |
Expenses paid on behalf of the Group by |
|
| | | |
| | | |
| | |
Gerard Lim (iii) |
|
| 350,927 | | |
| 240 | | |
| 54 | |
Khoo Kwai Fun (iv) |
|
| 110,289 | | |
| 120,637 | | |
| 26,991 | |
HWG Cash (vii) |
|
| 1,178,275 | | |
| — | | |
| — | |
|
|
| | | |
| | | |
| | |
Payments to |
|
| | | |
| | | |
| | |
EPetani Sdn. Bhd. (ii) |
|
| 70,302 | | |
| — | | |
| — | |
Gerard Lim (iii) |
|
| 339,333 | | |
| 53,280 | | |
| 11,921 | |
Khoo Kwai Fun (iv) |
|
| 257,749 | | |
| 105,028 | | |
| 23,499 | |
Ahoku Ventures Sdn. Bhd. (ix) |
|
| 350,000 | | |
| — | | |
| — | |
Au Say Kiat (x) |
|
| 137,912 | | |
| — | | |
| — | |
Braiven Co., Ltd. (vi) |
|
| 684,684 | | |
| 7,040,368 | | |
| 1,575,203 | |
Agroz Vertical Farms Sdn. Bhd. (v) |
|
| — | | |
| 1,510,233 | | |
| 337,898 | |
HWG Cash (vii) |
|
| — | | |
| 70,925 | | |
| 15,869 | |
|
|
| | | |
| | | |
| | |
Payments from |
|
| | | |
| | | |
| | |
Agroz Ventures Sdn. Bhd. (i) |
|
| — | | |
| 3,021,580 | | |
| 676,044 | |
ISA Wellness Marketing (viii) |
|
| — | | |
| 551,350 | | |
| 123,358 | |
Agroz Vertical Farms Sdn. Bhd. (v) |
|
| — | | |
| 1,300,568 | | |
| 290,987 | |
(i) | During the years ended December 31, 2023 and 2024, Agroz Group
paid expenses on behalf of Agroz Ventures Sdn. Bhd. amounted to MYR 19,000 and MYR 751,695 (USD 168,183) respectively. During
the year ended December 31, 2024, Agroz Group also purchased fresh produce from Agroz Ventures Sdn. Bhd. amounted to MYR 274,733 (USD
61,468). Agroz Group sold its farm solutions to Agroz Ventures Sdn. Bhd. amounted to MYR 4,000,000 during the year ended December 31,
2023 and received payments amounted to MYR 3,021,580 (USD 676,044) during the year ended December 31, 2024. |
(ii) | Agroz Group purchased fresh produce from EPetani Sdn. Bhd. amounting
to MYR 48,581 during the year ended December 31, 2023 respectively. The Group made payments to EPetani Sdn. Bhd.
amounted to MYR 70,302 during the year ended December 31, 2023. Also, Agroz Group sold fresh vegetables to EPetani Sdn. Bhd amounted to MYR 1,145,443 during the year ended December 31, 2023 respectively. In January 2024, Mr. Gerard Lim disposed
shares in EPetani Sdn. Bhd. and EPetani Sdn. Bhd. no longer a related party to the Group. During the year ended December 31, 2024, Agroz
Group sold fresh vegetables to EPetani Sdn. Bhd amounted to MYR 7,968,903 (USD 1,782,952) and received payments amounted to MYR 4,531,555
(USD 1,013,884). |
(iii) | During the years ended December 31, 2023 and 2024, certain operating
expenses of Agroz Group amounted to MYR 350,927 and MYR 240 (USD 54) respectively was paid by Mr. Gerard Lim. Agroz Group
has repaid MYR 339,333 and MYR 53,280 (USD 11,921) to Mr. Gerard Lim during the years ended December 31, 2023 and 2024
respectively. |
(iv) | Khoo Kwai Fun paid on behalf of Agroz Group on certain expenses amounted
to MYR 110,289 and MYR 120,637 (USD 26,991) during the years ended December 31, 2023 and 2024 respectively. Agroz Group has repaid MYR 257,749
and MYR 105,028 (USD 23,499) to Khoo Kwai Fun during the years ended December 31, 2023 and 2024 respectively. |
(v) | During the years ended December 31, 2023 and 2024, Agroz Group purchased fresh produce from Agroz Vertical Farms Sdn. Bhd. amounted to MYR 886,100 and MYR 4,115,842 (USD 920,873) respectively. Also, Agroz Group paid expenses on behalf of Agroz Vertical Farms Sdn. Bhd. amounted to MYR 1,571,296 and MYR 818,196 (USD 183,062) during the year ended December 31, 2023 and 2024. During the year ended December 31, 2024, Agroz Group sold its farm solutions to Agroz Vertical Farms Sdn. Bhd. amounted to MYR 1,400,174 (USD 313,273) and received payments amounted to MYR 1,300,568 (USD 290,987) during the year ended December 31, 2024. Agroz Group repaid MYR 1,510,233 (USD 337,898) during the year ended December 31, 2024. |
(vi) | Agroz Group purchased IT software from Braiven Co., Ltd. amounted to MYR 1,423,354 and paid MYR 684,684 during the year ended December 31, 2023. During the year ended December 31, 2024, Agroz Group endured the investment in IT software from Braiven Co., Ltd. amounted to MYR 6,341,924 (USD 1,418,934) and paid MYR 7,040,368 (USD 1,575,203). | | | (vii) | As of December 31, 2023, amount owing to HWG Cash consists of interest-bearing
borrowing amounted to MYR 1,363,000 and related interest payable MYR 17,081 (note 21), and cash advances to the Group amounted to MYR
1,178,275. During the year ended December 31, 2024, Agroz Group incurred additional interest amounted to MYR 27,260 (USD 6,099) (note
21) and repaid MYR 70,925 (USD 15,869) to HWG Cash. |
(viii) | During the years ended December 31, 2023 and 2024, Agroz Group
sold fresh produce to ISA Wellness Marketing amounted to MYR 327,776 and MYR 32,841 (USD 7,348) respectively. Agroz Group
received payments amounted to MYR 551,350 (USD 123,358) during the year ended December 31, 2024. | | | (ix) | The Group paid consultancy fees to Ahoku Ventures Sdn. Bhd. amounted to MYR 350,000 as this entity advises for design of CEA vertical farms during the year ended December 31, 2023. | | | (x) | The Group had paid a commission to Au Say Kiat for introducing new investors during the year ended December 31, 2023, amounted to MYR 137,912. |
|
Schedule of Balances with Related Parties |
Balances with related parties
| |
As of December 31, 2023 | | |
As of December 31, 2024 | |
| |
MYR | | |
MYR | | |
USD | |
Included in trade receivables from related parties, net | |
| | | |
| | | |
| | |
Agroz Ventures Sdn. Bhd. | |
| 3,980,000 | | |
| 588,000 | | |
| 131,559 | |
EPetani Sdn. Bhd. | |
| 1,475,736 | | |
| — | | |
| — | |
Isa Wellness Marketing | |
| 548,594 | | |
| 32,513 | | |
| 7,275 | |
Agroz Vertical Farm Sdn. Bhd. | |
| — | | |
| 99,500 | | |
| 22,262 | |
Total trade receivables from related parties, net | |
| 6,004,330 | | |
| 720,013 | | |
| 161,096 | |
| |
| | | |
| | | |
| | |
Included in amounts due from related parties | |
| | | |
| | | |
| | |
Agroz Asia Sdn. Bhd. | |
| 1,000 | | |
| — | | |
| — | |
Agroz Ventures Sdn. Bhd. | |
| 21,580 | | |
| 751,695 | | |
| 168,183 | |
Agroz Vertical Farm Sdn. Bhd. | |
| 685,196 | | |
| — | | |
| — | |
Isa Farm Sdn. Bhd. | |
| 3,300 | | |
| — | | |
| — | |
Total amounts due from related parties | |
| 711,076 | | |
| 751,695 | | |
| 168,183 | |
Included in prepayments to a related party | |
| | | |
| | | |
| | |
Braiven Co., Ltd. | |
| 1,423,354 | | |
| 5,517,306 | | |
| 1,234,435 | |
| |
| | | |
| | | |
| | |
Included in amounts due to related parties | |
| | | |
| | | |
| | |
HWG Cash | |
| | | |
| | | |
| | |
- Non-current | |
| 1,363,000 | | |
| — | | |
| — | |
- Current | |
| 1,195,356 | | |
| 2,514,691 | | |
| 562,634 | |
Gerard Lim | |
| 86,731 | | |
| 33,691 | | |
| 7,539 | |
Braiven Co., Ltd. | |
| 738,670 | | |
| 40,226 | | |
| 9,000 | |
Khoo Kwai Fun | |
| 20,289 | | |
| 35,898 | | |
| 8,032 | |
Agroz Ventures Sdn. Bhd. | |
| — | | |
| 274,733 | | |
| 61,468 | |
Agroz Vertical Farm Sdn. Bhd. | |
| — | | |
| 1,102,611 | | |
| 246,697 | |
Total amounts due to related parties | |
| 3,404,046 | | |
| 4,001,850 | | |
| 895,370 | |
|