Announcement Details/Table Section :
Pursuant to Para 9.19 (23) of the Main Market Listing Requirements, the Board of Directors of QL is pleased to announce that its wholly-owned subsidiary, QL Fishmeal Sdn. Bhd. (Company No. 120615-K) had on 28 March 2012 entered into an Agreement of Sale of Shares to acquire 100% equity interest in MSLP Jasa Sdn. Bhd. (Company No. 44389-W) ("MSLP"), comprising of Eight Hundred and Seventeen Thousand (817,000) ordinary shares of RM1.00 each from Chan Yin Vui @ Jacky and Vun Soon Ket for a consideration of RM1,300,000.00, resulting in MSLP being a wholly-owned subsidiary of QL.
MSLP was incorporated in Malaysia on 28 December 1978 and is engaged in holding property business. The authorised share capital of MSLP is at RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each with an issued and paid up share capital of RM817,000.00 comprising 817,000 ordinary shares of RM1.00 each.
The acquisition is to be funded from internal resources.
The above acquisition 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 2012.
The Directors of QL are of the opinion that the above acquisition is in the best interest of QL. The above acquisition is not subject to QL’s 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 acquisition.
This announcement is dated 28 March 2012.