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Significant Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Significant Related Party Transactions [Abstract]  
SIGNIFICANT RELATED PARTY TRANSACTIONS
30SIGNIFICANT RELATED PARTY TRANSACTIONS

 

Related companies in these financial statements refer to members of the ultimate holding company’s group of companies.

 

Some of the Group’s transactions and arrangements are between members of the Group 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		   June 30,
2024		 
   RM   RM   USD 
Balance with related parties (common shareholders)            
             
Trade receivables            
             
Hoo Voon Him   988,191    1,015,731    215,325 
Reveillon Group Sdn Bhd   150,001    3,117,164    660,808 
V Invesco Sdn Bhd   1,361,127    1,399,060    296,587 
    2,499,319    5,531,955    1,172,720 
                
Loans, Advances and Financing               
                
Reveillon Group Sdn Bhd   1,338,583    17,449,362    3,699,094 
XVI Troika Sdn Bhd   1,480,867    2,615,383    554,435 
Reveillon Group Limited   
-
    48,017    10,179 
    2,819,450    20,112,762    4,263,708 
Total amount due from related parties   5,318,769    25,644,717    5,436,428 
                
Non-trade payables               
                
Hoo Voon Him   204,469    
-
    
-
 
Noraini   930,890    
-
    
-
 
V Capital Sdn Bhd   165,000    
-
    
-
 
Amount due to related parties   1,300,359    
-
    
-
 

 

Amount due 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 June 30, 2023 and 2024.

 

            For the period
ended
June 30,
2023		   For the period
ended
June 30,
2024		 
   Relationship  Nature  Description  RM   RM   USD 
V Capital Sdn Bhd  Common shareholder  Trade nature  Purchase of services   62,257    
-
    
-
 
V Invesco Sdn Bhd  Common shareholder  Trade nature  Purchase of services   55,500    
-
    
-
 
V Capital Sdn Bhd  Common shareholder  Non-trade nature  Advances paid by V Capital Sdn Bhd   (327,307)   
-
    
-
 
V Capital Sdn Bhd  Common shareholder  Non-trade nature  Advances paid to V Capital Sdn Bhd   
-
    165,000    34,978 
V Invesco Sdn Bhd  Common shareholder  Non-trade nature  Advances paid by V Invesco Sdn Bhd   (10,000)   
-
    
-
 
V Invesco Sdn Bhd  Common shareholder  Trade nature  Sale of services   
-
    
-
    
-
 
V Invesco Fund (L) Limited  Common shareholder  Non-trade nature  Advances paid by V Invesco Fund (L) Limited   (5,093)   
-
    
-
 
V Consortium Sdn Bhd  Common shareholder  Non-trade nature  Advances paid by V Consortium Sdn Bhd   (56,058)   
-
    
-
 
Hoo Voon Him  Director  Non-trade nature  Advance paid to Director   
-
    204,469    43,345 
Noraini Binti Aripin  Director  Non-trade nature  Advance receipt from Director   (1,152,464)   
-
    
-
 
Vincent Hong  Director  Non-trade nature  Advance receipt from Director   (466,783)   
-
    
-
 
Noraini Binti Aripin  Director  Non-trade nature  Advance paid to Director   
-
    930,890    197,340 
Reveillon Group Sdn Bhd  Common Director  Trade nature  Sale of financing services   
-
    (147,489)   (31,266)
Reveillon Group Sdn Bhd  Common Director  Trade nature  Sale of consultancy services   
-
    (2,962,982)   (628,123)
XVI Troika Sdn Bhd  Common Director  Trade nature  Sale of financing services   
-
    (154,135)   (32,675)
Reveillon Group Limited  Common Director  Trade nature  Sale of financing services   
-
    (3,656)   (775)