32. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED) In addition to the related party information disclosed elsewhere in the financial statements, the Group and the Company entered into the following transactions with their related parties during the financial year at rates and terms between the parties: Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) Joint ventures Contract revenue from joint ventures 477 177 23,029 Interest charged to joint ventures 79 423 667 Advance to joint ventures 50 – – Associates Advance to an associate 2,868 – – Payment made on behalf of associates 9 8 9 Subcontract services by associates 410 71 – Management fee charged to associates 300 300 300 Interest charge to associates 6,198 5,803 3,463 Rental charged to associates 1,179 1,020 – As at end of reporting period, the outstanding balances in respect of the above related party transactions are disclosed in Note 14 and 15 to the financial statements. Group and Company 2024 2023 $’000 $’000 Directors’ interest in medium term notes Interest expense – Leo Ting Ping, Ronald – 111 – Chong Weng Hoe – 14 – Fong Heng Boo – 28 Loan from shareholders Interest expense – LJHB Capital (S) Pte Ltd 520 502 – Leo Ting Ping, Ronald 309 298 Compensation of key management personnel The remuneration of the key management personnel of the Group during the financial year was as follows: Group 2024 2023 $’000 $’000 Directors of the Company – Short-term benefits 921 1,251 – Post-employment benefits 14 29 – Directors’ fees 162 187 Other key management personnel – Short-term benefits 600 590 – Post-employment benefits 44 35 1,741 2,092 124 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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