FGV Audited Financial Statements 2020

55 FINANCIAL INSTRUMENTS (continued) Financial instruments by category (continued) Company Other financial liabilities at amortised cost 2020 RM’000 2019 RM’000 Liabilities as per statement of financial position Payables 50,976 39,397 Amount due to ultimate holding company 1,179 1,128 Amounts due to subsidiaries 14,289 23,476 Amounts due to other related companies 69 561 Loans due to ultimate holding company 886,188 886,498 Loans due to subsidiaries 1,405,459 1,477,112 Borrowings 75,080 75,080 Lease liabilities 32,065 35,427 Total 2,465,305 2,538,679 56 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions and balances. Federal Land Development Authority (“FELDA”), the Group and Company’s ultimate holding company effective from 24 December 2020, is a statutory body corporate set up under the Land Development Act 1956, and controlled by the Malaysian Government. The Group considers that, for the purpose of MFRS 124 – “Related Party Disclosures”, FELDA and the Malaysian Government is in the position to exercise significant influence over it. As a result, the Malaysian Government and Malaysian Government controlled bodies (collectively referred to as “government-related entities”) are related parties of the Group and the Company. Apart from the individually significant transactions as disclosed in Notes 29, 46, 47, 48, 56(a), 56(b), 56(c), 56(e) and 56(f) to the financial statements, the Group and the Company have collectively, but not individually, significant transactions with other government-related entities which include but not limited to the following: (i) Purchasing of goods and services, including use of public utilities and amenities (ii) Placing of bank deposits with government-related financial institutions These transactions are conducted in the ordinary course of the Group’s business on terms consistently applied in accordance with the Group’s internal policies and processes. These terms do not depend on whether the counterparties are government-related entities or not. 183 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 Audited Financial Statements 2020