|Description||New subsidiary – QL International Pte. Ltd.|
The Board of Directors of QL is pleased to announce that its wholly owned subsidiary, QL Feedingstuffs Sdn. Bhd. (Company No. 147366-A) had on 28 May 2013 acquired one (1) ordinary share of USD1.00 of QL International Pte. Ltd. (Company No. LL09669) (“QL International”), representing the entire issued and paid up share capital from Plenitude Assets Sdn. Bhd. (830471-U) for a consideration of USD1.00. QL International was incorporated in Labuan on 9 May 2013.
The investment in QL International will be financed via internally generated funds and borrowings.
The above acquisition of QL International is in line with the QL Group's strategy to expand its marketing and trading of animal raw materials overseas.
The above acquisition of QL International shall not have any effect on the issued and paid up capital of QL and no material effect on net tangible assets, gearing and earnings of the Group for the financial year ending 31 March 2014. However, barring any unforeseen circumstances, it is expected to have a positive impact on the consolidated earnings of the Group in the future.
The above acquisition of new subsidiary is not subject to any approvals from regulatory bodies or the shareholders of QL.
The Directors of QL are of the opinion that the above incorporation are in the best interest of QL.
None of the Directors or substantial shareholders of QL, or persons connected to such Directors or substantial shareholders has any interest, direct or indirect, in the above transaction.
This announcement is dated 28 May 2013.
|Company Name||QL RESOURCES BERHAD|
|Date Announced||28 May 2013|