|The Board of Directors of QL is pleased to announce that its wholly owned subsidiary, QL Realty Sdn. Bhd. (Company No. 333760-K)("QLRT") have on 19 April 2010 received approval from the Ministry of Justice and Human Rights the incorporation of a 80% subsidiary known as PT. QL Trimitra ("QLT"), in Indonesia.
The authorised share capital and paid up capital of QLT is at USD1.5 million respectively. The balance of the shareholding ie 20% equity in QLT is held by Dokter Hewan Cecep Mochamad Wahyudin. QLT principal activity is integrated poultry farming and related downstream activities.
The investment in QLT by QLRT will be financed via internally generated funds and borrowings.
The incorporation of QLT is in line with the QL Group's strategy to expand its farming division overseas.
The incorporation does not have any effect on the issued and paid up share capital of QL and has no material effect on the earnings and net assets of QL Group for the financial year ending 31 March 2011.However expected a positive contribution to the future earnings of QL Group.
The Directors of QL are of the opinion that the above incorporation are in the best interest of QL. The incorporation is not subject to shareholders approval.
None of the directors and/or substantial shareholder of QL, or persons connected to such director and/or substantial shareholders has any interest, direct or indirect, in the above.
This announcement is dated 19 April 2010.