| SIGNIFICANT RELATED PARTY TRANSACTIONS |
| 32 |
SIGNIFICANT RELATED PARTY TRANSACTIONS |
Related companies in these financial
statements refer to members of the ultimate holding company’s group of companies.
Some of the Company’s transactions
and arrangements are between members of the Company and the effect of these on the basis determined between the parties is reflected in
these financial statements. The intercompany balances are unsecured, interest-free and repayable on demand, unless otherwise stated.
| | |
December 31,
2023 | | |
December 31,
2024 | | |
December 31,
2025 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Balance with related parties (common shareholders) | |
| | |
| | |
| |
| | |
| | |
| | |
| |
| Trade receivables | |
| | |
| | |
| |
| | |
| | |
| | |
| |
| Hoo Voon Him | |
| 215,325 | | |
| - | | |
| - | |
| V Invesco Sdn Bhd | |
| 296,587 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | |
| Non-trade receivables | |
| | | |
| | | |
| | |
| VHKL Private Capital Limited (known as VCI Global Brands Limited) | |
| - | | |
| - | | |
| 62,833,133 | |
| | |
| | | |
| | | |
| | |
| Total amount due from related parties | |
| 511,912 | | |
| - | | |
| 62,833,133 | |
| | |
| | | |
| | | |
| | |
| Non-trade payables | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| Hoo Voon Him | |
| 44,554 | | |
| 63,185 | | |
| 392,983 | |
| Stanley Khoo | |
| - | | |
| 423,926 | | |
| - | |
| Noraini Binti Aripin | |
| 202,839 | | |
| - | | |
| - | |
| V Capital Sdn Bhd | |
| 35,953 | | |
| - | | |
| - | |
| Elmu Higher Education Sdn Bhd | |
| | | |
| | | |
| 63,101 | |
| | |
| | | |
| | | |
| | |
| Total amount due to related parties | |
| 283,346 | | |
| 487,111 | | |
| 456,084 | |
Amount due from /(to) related parties are not expected to be repaid
within the next 12 months. Transactions with related
parties
The following represents the significant
related party transactions for the years ended December 31, 2023, 2024 and 2025.
| | | | | | | | | December 31,
2023 | | | December 31,
2024 | | | December 31,
2025 | | | | | Relationship | | Nature | | Description | | US$ | | | US$ | | | US$ | | | V Capital Sdn Bhd | | Common shareholder | | Trade nature | | Purchase of services | | | 610,115 | | | | - | | | | - | | | V Capital Sdn Bhd | | Common shareholder | | Non-trade nature | | Advances paid by V Capital Sdn Bhd | | | (35,953 | ) | | | - | | | | - | | | Hoo Voon Him | | Director | | Non-trade nature | | Advance receipt from Director | | | (44,554 | ) | | | (63,185 | ) | | | (392,983 | ) | | Hoo Voon Him | | Director | | Trade nature | | Sales of business consultancy fee | | | (215,325 | ) | | | - | | | | - | | | Noraini Binti Aripin | | Director | | Non-trade nature | | Advance receipt from Director | | | (202,839 | ) | | | - | | | | - | | | Stanley Khoo | | Director | | Non-trade nature | | Amount due to Director | | | - | | | | (423,926 | ) | | | - | | | VHKL Private Capital Limited | | Common shareholder | | Non-trade nature | | Disposal of subsidiaries | | | | | | | | | | | 62,833,133 | | | Elmu Higher Education Sdn Bhd | | Common shareholder | | Non-trade nature | | Advance paid by Elmu Higher Education Sdn Bhd | | | | | | | | | | | (63,101 | ) |
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