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NOTES TO THE FINANCIAL STATEMENTS (cont’d)<br />
31 DECEMBER 2012<br />
35 RELATED PARTY TRANSACTIONS<br />
a) Significant related party transactions during the financial year are as follows:-<br />
2012<br />
RM<br />
Group Company<br />
Acquisition of additional shares<br />
in a subsidiary from a director - 11,956,000 - 11,956,000<br />
Professional fees paid to a former director - 55,000 - 55,000<br />
Professional fees paid to a related party,<br />
AAsia-East Capital Sdn. Bhd. 260,000 - 260,000 -<br />
Management fees charged to a subsidiary,<br />
GPB Corporation Sdn. Bhd. - - 354,600 354,600<br />
Dividends received and<br />
receivable from subsidiaries<br />
- GPB Corporation Sdn. Bhd. - - 4,000,000 2,976,000<br />
- Gunung Resources Sdn. Bhd. - - 1,000,000 2,000,000<br />
Leasing of motor vehicles to a related<br />
party, Korakan Corporation Sdn. Bhd. 5,040,000 5,040,000 - -<br />
Office rental charged by a related<br />
party, Produktif Kualiti Sdn. Bhd. - 36,000 - -<br />
The recurring related party transactions (“RRPT”) with Korakan Corporation Sdn. Bhd. (“KCSB”) arise from a lease<br />
agreement entered between Gunung Resources Sdn. Bhd. (“GRSB”), a wholly-owned subsidiary of the Company<br />
and KCSB, a related party, for the lease of 252 units of motor vehicles by GRSB to KCSB for period of 36 months<br />
from 1 January 2011 to 31 December 2013 at an annual sum of RM5,040,000, payable in instalments of RM420,000<br />
per month. The monthly lease sum was derived on the prevailing market lease rentals.<br />
b) Government related entities<br />
On 3 November 2010, Bas Rakyat Sdn. Bhd., a 75% subsidiary of GPB Corporation Sdn. Bhd., which is a wholly owned<br />
subsidiary of the Company, has entered into an agreement with Perak State Government (State Government) for<br />
the provision of public transportation services in Manjung district in the state of Perak Darul Ridzuan. Bas Rakyat<br />
Sdn. Bhd. is a government related entity as its remaining 25% shareholder is related to the State Government.<br />
The duration of the agreement is 84 months. Under the agreement, the State Government will reimburse Bas<br />
Rakyat Sdn. Bhd. for a period of 60 months and no subsequent payment will be made for the remaining period<br />
of 24 months.<br />
2011<br />
RM<br />
2012<br />
RM<br />
Group<br />
Income from public transportation services 864,000 360,000<br />
2012<br />
RM<br />
2011<br />
RM<br />
2011<br />
RM<br />
Gunung Capital Berhad (330171-P)<br />
87<br />
annual report | 2012