axiata group berhad | annual report 2015
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41.
LIST OF JOINT VENTURES
The investments in joint ventures are as follows:
Name of company
Group’s effective ownership
interest
Principal activities
Country
and place of
incorporation
2015
2014
(%)
(%)
Joint ventures held through Celcom Axiata Berhad
PLDT Malaysia Sdn Bhd
49.00
49.00
Mobile virtual network
operator
Malaysia
Digital Milestone Sdn Bhd
1
51.00
51.00
Special purpose investment
company
Malaysia
Tune Talk Sdn Bhd
35.00
35.00
Mobile communication
services
Malaysia
Merchantrade Asia Sdn Bhd
20.00
20.00
Provision of money service
business, i.e. remittance
and money changing and
operator of mobile virtual
network
Malaysia
Joint venture held through PT XL Axiata Tbk
PT XL Planet Digital
33.21
33.24
e-commerce
Indonesia
Joint venture held through Axiata Digital Services Sdn Bhd
Yonder Music Inc
27.03
-
Mobile-only digital music
download service
United States
Of America
1
On 20 April 2015, Digital Milestone commenced members’ voluntary winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965. The
Winding-Up of Digital Milestone is expected to be completed upon obtaining the tax clearance from Inland Revenue Board of Malaysia.
42. RELATED PARTY TRANSACTIONS
All related party transactions were entered into in the normal course of business and at prices available at negotiated terms. The names of these related
parties, nature of these transactions and their total value have been set out in accordance with the provisions of MFRS 124: “Related Party Disclosure”.
The Government of Malaysia and bodies controlled or jointly controlled by the Government of Malaysia are related parties of the Group. The Government
of Malaysia has significant influence over the Group. The Group enters into transactions with many of these bodies, which includes but is not limited to:
– receiving telecommunications services, including interconnection revenue/charges
– purchasing of goods, including use of public utilities and amenities, and
– placing of bank deposits
The Group has established its procurement policies and approval processes for purchases of products and services, which do not depend on whether
the counterparties are government-related entities or not.
The Group provides telecommunications services as part of its ordinary operations. The Group has collectively, but not individually significant
transactions with Government-related entities. These telecommunication services are carried out on commercial terms that are negotiated and agreed
upon between the parties.
Key management personnel are the persons who have authority and responsibility for planning, directing and controlling the activities of the Group or
the Company either directly or indirectly. Key management personnel of the Group and the Company include the Senior Leadership Team who report
directly to the Group Chief Executive Officer.
