Incorporation of a new subsidiary
Pursuant to paragraph 9.19 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of QL Resources Berhad (“QL”) wishes to announce that QL’s wholly-owned subsidiary, PT. QL Hasil Laut (“PTHL”) had on 11 May 2017 received the deed of a limited liability company issued by the Minister of Justice of the Republic of Indonesia on 2 March 2017 for the incorporation of a wholly-owned subsidiary known as PT. QLNutri Foods Indonesia (“QLNutri”), in Indonesia (hereinafter referred to as the “Incorporation”).
The authorised capital of QLNutri is IDR10,000,000,000 comprising 10,000 shares at IDR1,000,000 each and paid up capital of IDR5,000,000,000 comprising 5,000 shares at IDR1,000,000 each. Its intended principal activities are trading in surimi and surimi-based products.
QLNutri’s shareholders and their shareholding are as follows:-
The composition of the director and commissioner of QLNutri are as follows:-
The Incorporation is part of QL's business expansion plan in Indonesia.
The investment in QLNutri will be financed via internally generated funds and borrowings.
The Incorporation 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 ended 31 March 2017.
The Incorporation is not subject to any approvals from regulatory bodies or the shareholders of QL.
The Directors of QL are of the opinion that the Incorporation is in the best interest of QL.
None of the Directors or substantial shareholders of QL, or persons connected to them has any interest, direct or indirect, in the Incorporation.
This announcement is dated 12 May 2017.
|Company Name||QL RESOURCES BERHAD|
|Date Announced||12 May 2017|
|Category||General Announcement for PLC|