News

Proposed joint Venture Between QL oil Sdn. Bhd. (a Wholly-owned Subsidiary of QL Resources Berhad) And Hang Ting Pte Ltd, By Subscribing for Shares in QL mutiara (s) Pte. Ltd Which Will in Turn Invest in Pt Pipit Mutiara Indah ("PMI") For The Purpose Of Developing An Oil Palm Plantation In Indonesia ("Proposed Joint Venture")

Type	:	Announcement
Subject	:	PROPOSED JOINT VENTURE BETWEEN QL OIL SDN. BHD. (A WHOLLY-OWNED SUBSIDIARY OF QL RESOURCES BERHAD) AND HANG TING PTE LTD, BY SUBSCRIBING FOR SHARES IN QL MUTIARA (S) PTE. LTD WHICH WILL IN TURN INVEST IN PT PIPIT MUTIARA INDAH ("PMI") FOR THE PURPOSE OF DEVELOPING AN OIL PALM PLANTATION IN INDONESIA ("PROPOSED JOINT VENTURE")

Contents :

On 16 August 2006, AmInvestment Bank Berhad (formerly known as AmMerchant Bank Berhad), on behalf of QL Resources Berhad ("QL"), announced that QL Oil Sdn. Bhd.("QLO"), a wholly owned subsidiary of QL has entered into a conditional joint venture agreement with Hang Ting Pte Ltd. and PT Pipit Citra Perkasa ("Promoter"), to jointly develop two (2) parcels of plantation land in East Kalimantan, Indonesia measuring approximately 20,000 hectares into an oil palm plantation.

The Board of Directors of QL would like to announce that all the parties to the joint venture agreement had mutually agreed that the last condition precedent to be procured in relation to the amendments of Articles of Association of PMI shall now become a condition subsequent to the joint venture agreement. All other conditions precedent as stated in the joint venture agreement dated 16 August 2007 have been fulfilled.

In view of the removal of the last conditional precedent to become a condition subsequent, the joint venture agreement is now deemed to be unconditional.