(c) Timuran Sdn Bhd is a subsidiary of Wise Sdn Bhd. Timuran Sdn Bhd and Angkasa Sdn Bhd established a joint venture to build a bridge for the state government. Each company holds 50% of equity in the joint venture, which was incorporated as Ultra Sdn Bhd. The estimated duration to build the bridge is 36 months. Mr Thomas is a member of boards of directors for Timuran Sdn Bhd, Angkasa Sdn Bhd and Ultra Sdn Bhd. Required: Identify and explain the related parties of Timuran Sdn Bhd and Ultra Sdn Bhd in accordance with MERS 124. (6 marks)