NOTE
11 － RELATED PARTY BALANCES AND TRANSACTIONS
Amounts
due to related parties consisted of the following:
SCHEDULE
OF AMOUNTS DUE TO RELATED PARTIES
| | |
As of May 31, | |
| | |
2026 | | |
2025 | |
| | |
$’000 | | |
$’000 | |
| Due to related parties* | |
| | | |
| | |
| - Inneova Engineering Pte Ltd(1) | |
| 4 | | |
| - | |
| - KDS Steel Pte. Ltd(2) | |
| - | | |
| 3 | |
| | |
| | | |
| | |
| | |
| 4 | | |
| 3 | |
| (1) |
Inneova
Engineering Pte Ltd is a company incorporated in Singapore and owned 25% by Mr. Neo Chin Heng, who also owns 50% of E U Holdings,
a 41.5% shareholder of the Company. |
| (2) |
KDS
Steel Pte Ltd is a company incorporated in Singapore and previously owned by E U Holdings Pte. Ltd. E U Holdings Pte. Ltd. divested
KDS Steel Pte Ltd to a 3rd party company on July 22, 2025. |
| |
* |
The
amounts are unsecured, interest-free and payable on demand. |
In
the ordinary course of business, during the financial years ended May 31, 2026, 2025 and 2024, the Company was involved in certain transactions,
both at cost or current market prices, and on the normal commercial terms with related parties. The following table provides the transactions
with these parties for the financial years as presented (for the portion of such period that they were considered related):
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| | |
For the Financial Years Ended May 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| | |
$’000 | | |
$’000 | | |
$’000 | |
| | |
| | |
| | |
| |
| Nature of transactions | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| KDS Steel Pte Ltd(1) | |
| | | |
| | | |
| | |
| - Logistics services | |
| 52 | | |
| 1,209 | | |
| 802 | |
| - Utilities | |
| 6 | | |
| 69 | | |
| 71 | |
| | |
| | | |
| | | |
| | |
| E U Holdings Pte. Ltd.(2) | |
| | | |
| | | |
| | |
| - Management fees | |
| - | | |
| 90 | | |
| 267 | |
| - Professional fees | |
| - | | |
| 664 | | |
| - | |
| | |
| | | |
| | | |
| | |
| INNEOVA Industrial Pte Ltd(3) | |
| | | |
| | | |
| | |
| - Sales | |
| - | | |
| 1 | | |
| 1 | |
| - Upkeep of machinery | |
| 11 | | |
| - | | |
| -* | |
| - Upkeep of motor vehicles | |
| - | | |
| - | | |
| -* | |
| *
|
The
figures are insignificant. |
These
related parties are controlled by the common shareholders of the Company.
| (1) |
KDS
Steel Pte Ltd was previously owned by E U Holdings Pte Ltd and was divested to a 3rd party company by E U Holdings Pte
Ltd on July 22, 2025. |
| (2) |
E
U Holdings Pte. Ltd. is a 41.5% shareholder of JBDI Holdings Limited and is owned 50% by Mr. Neo Chin Heng and 50% by Mr. Ng Eng
Guan. |
| (3) |
INNEOVA
Industrial Pte Ltd (f.k.a Filtec Private Limited) is a company incorporated in Singapore and indirectly owned by Soon Aik Global
Pte Ltd. Soon Aik Global Pte Ltd is a company incorporated in Singapore and owned 25% by Mr. Neo Chin Heng. |
Apart
from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other
significant or material related party transactions during the financial years presented.
|