| Related party transactions |
| 24. |
Related party transactions |
The table below sets forth the major
related parties and their relationships with the Group as at the end of the reporting period:
| Name of related parties | | Relationship with the Company | | Concorde Global I Pte Ltd | | Controlled by Swee Kheng Chua and Ping Ping Lim | | iMatrix Global Pte Ltd | | Swee Kheng Chua has significant influence over the company | | Total Protection Solutions Pte Ltd | | Ping Ping Lim was a shareholder of Total Protection Solutions Pte Ltd until November 2023, and also key subcontractor to the Group | | Ping Ping, Lim | | Non-controlling shareholder and spouse of Swee Kheng Chua | | Swee Kheng Chua | | Controlling shareholder and Chief Executive Officer | | Jia Wei Chua | | Son of Swee Kheng Chua, keyman to Concorde Security Pte. Ltd. |
| |
(a) |
The principal related party balances and transactions as of and for the years ended December 31, 2025, 2024 and 2023 are as follows: |
Amount due from related parties:
| | |
| |
December 31,
2025 | | |
December 31,
2024 | |
| | |
| |
USD | | |
USD | |
| Total Protection Solutions Pte Ltd | |
(a) | |
| | | |
| | |
| Current portion | |
| |
| 134,925 | | |
| 121,167 | |
| Non current portion | |
| |
| 316,410 | | |
| 432,017 | |
| | |
| |
| 451,335 | | |
| 553,184 | |
| Advance from supplier – Total Protection Solutions Pte Ltd (refer note 8) | |
| |
| - | | |
| 323,514 | |
| Swee Kheng Chua | |
(b) | |
| - | | |
| 4,616 | |
| | |
| |
| 451,335 | | |
| 881,314 | |
| Included in Trade Receivables: | |
| |
| | | |
| | |
| Concorde Global I Pte Ltd | |
(c) | |
| 11,068 | | |
| 10,448 | |
| iMatrix Global Pte Ltd | |
(c) | |
| 6,467 | | |
| 6,105 | |
| Total Protection Solutions Pte Ltd | |
| |
| - | | |
| 4,610 | |
| | |
| |
| 17,535 | | |
| 21,163 | |
| | (a) | On December 31, 2022, the Group formalized an agreement with Total Protection Solutions Pte Ltd loaned USD 651,702. The loan is unsecured, and it bears an interest rate of 5%. The loan was initially due on demand. In the financial year ended December 31, 2023, the Group extended an additional loan of USD 89,575, following the initial formalized agreement. This loan remains unsecured and carries an interest rate of 5%. On February 1, 2024, the Group entered into a repayment agreement with Total Protection Solutions Pte Ltd. Total Protection Solutions Pte Ltd will repay this loan on a monthly basis over a 5 year period commencing March 2024. |
| | (b) | The loan is unsecured, interest free and repayable on demand. |
| | (c) | The balance pertains to payment on behalf and interest charged on the payment on behalf for the prior years. In 2024, 100% expected credit loss has been provided due to uncertainty about the recoverability | Amount due to related parties:
| | |
| |
December 31,
2025 | | |
December 31,
2024 | |
| | |
| |
USD | | |
USD | |
| Swee Kheng Chua | |
(a) | |
| 207,551 | | |
| 216,940 | |
| | |
| |
| | | |
| | |
| Included in Trade Payable | |
| |
| | | |
| | |
| Total Protection Solutions Pte Ltd | |
(b) | |
| 690,741 | | |
| - | |
| | (a) | In the financial year ended December 31, 2023, Swee Kheng Chua voluntarily requested a pay cut resulting in payments made to him during the year as a balance owed to the Group. He also received a debt repayment from iMatrix Global Pte Ltd on behalf of the Group, and Ping Ping Lim’s due amount to the Group was reassigned to him. The resulting amount owed to the Group was then used to offset the outstanding debt. The amount due to Swee Kheng Chua represents a short-term non-interest-bearing loan. The loan is unsecured. | | | | | | | (b) | Trade payable arise from the subcontractor services provided to Concorde Security Pte Ltd which are trade in nature. The Group received credit notes from Total Protection Solution Pte Ltd amounting to SGD 1,244,122 during the year ended December 31, 2024. |
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
USD | | |
USD | | |
USD | |
| Subcontracting costs | |
| | |
| | |
| |
| Total Protection Solution Pte Ltd | |
| 6,027,928 | | |
| 2,667,045 | | |
| 2,504,458 | |
| iMatrix Global Pte Ltd | |
| - | | |
| - | | |
| 16,403 | |
| | |
| | | |
| | | |
| | |
| Expenses paid on behalf – Swee Kheng Chua | |
| 34,755 | | |
| 4,695 | | |
| - | |
| Interest income – Total Protection Solution Pte Ltd | |
| 25,650 | | |
| 33,285 | | |
| 29,853 | |
| Loan repayment - Total Protection Solution Pte Ltd | |
| 126,318 | | |
| 185,407 | | |
| 71,449 | |
iMatrix Global Pte Ltd and Total Protection
Solution Pte Ltd provided Subcontracting service to the Group. Key management
personnel compensation for the year ended is as follows:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| | |
USD | | |
USD | |
| Swee Kheng Chua | |
| 294,937 | | |
| 260,306 | |
| Sharifah Noriati Binte Said Omar* | |
| 52,226 | | |
| 62,810 | |
| Ping Ping Lim** | |
| 245,311 | | |
| 225,435 | |
| Terence Wing Khai Yap | |
| 298,599 | | |
| 264,454 | |
| Sze Yin Ong | |
| 97,727 | | |
| 81,921 | |
| Jia Wei Chua*** | |
| 101,387 | | |
| 83,746 | |
| Total compensation | |
| 1,090,187 | | |
| 978,672 | |
| * | Ms. Sharifah Noriati Binte Said Omar serves as a nominee director at Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary. |
| ** | Ms. Ping Ping Lim is a senior manager in the Company. She is the spouse of Swee Kheng Chua and an authorizer for several banks, in Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary. | | | | | *** | Mr. Jia Wei Chua, Swee Kheng Chua’s child is the keyman of Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary. He is one of the key management in Concorde Security Pte Ltd. |
Compensation payable to key management
personnel comprises of salaries, bonus, allowances and Employer’s contribution to Central Provident Funds. In the financial year
2023, Swee Kheng Chua and Ping Ping Lim both requested for a voluntary pay cut in Concorde Security Pte Ltd.
On March 18, 2024, the Company has
further issued 20,788,886 Class B Ordinary Shares with par value of USD 0.00001 per share, to members of the Board, executive
officers or their affiliates and existing shareholders. Such Class B Ordinary Shares issued to each of them were fair valued at USD
4 (Refer Note 14A for details).:
Terms and conditions of transactions
with related parties
There have been no guarantees
provided or received for any related party receivables or payables. For the year ended December 31, 2025, the Group has recorded USD
Nil (2024 and 2023: USD 16,834 and USD nil) expected credit loss allowances relating to amounts owed by related parties. This
assessment is undertaken each financial year through examining the financial position of the related party and the market in which
the related party operates.
|