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Transactions (Chapter 10 Of Listing Requirements) : Recurrent Related Party Transactions

BackJul 31, 2017
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description

Deviation between the actual transacted value and mandate value by 10% or more.

The Board of Directors of QL Resources Berhad (“QL” or “the Company”) wishes to announce that the actual value of the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between QL Livestock Farming Sdn. Bhd. ("QLLF") and Green Breeder Sdn. Bhd. (“GB”) have exceeded the mandate value by 10% or more.  

QLLF obtained the renewal of shareholders’ mandate for its RRPT with GB at the Company’s Annual General Meeting ("AGM") held on 25 August 2016 with mandate value of RM24,000,000.00, which will be expiring at the next AGM to be held on 25 August 2017 ("Approved Mandate Value"). However, the transaction value of the RRPT between QLLF and GB for the period from 26 August 2016 to 25 July 2017 stood at approximately RM26,459,000.00, which had exceeded 10% of the Approved Mandate Value. 

The details of the said deviation are as follows:-

Nature of transaction:  Sale of animal feed by QLLF to GB

Mandate value approved on 25.08.2016 (RM'000)

Actual transaction value from 26.08.2016 to 25.07.2017 (RM'000)

% of deviation based on mandated value (B/A*100)

Reason for deviation

(A)

(B)

 

 

24,000

26,459

10.25

Feed consumption increased in line with the increase in livestock population. 

This announcement is dated 31 July 2017.

 





Announcement Info

Company Name QL RESOURCES BERHAD
Stock Name QL
Date Announced 31 Jul 2017
Category General Announcement for PLC
Reference Number GA1-31072017-00069