New subsidiary - QL Farms (Tay Ninh) Liability Limited Company
The Board of Directors of QL Resources Berhad (“QL”) wishes to announce that Department of Planning and Investment of Tay Ninh Province, Socialist Republic of Vietnam had on 10 April 2018 issued an Enterprise Registration Certificate, which was received by QL’s wholly owned subsidiary, QL Feedingstuffs Sdn. Bhd. (“QLF”) on 13 April 2018, for the incorporation by QLF of a new wholly-owned subsidiary known as QL Farms (Tay Ninh) Liability Limited Company (“QLFTN”), in Vietnam.
The chartered capital of QLFTN is VND113,500,000,000 equivalent to USD5,000,000 and its principal activity is to build up and operate a farm for chicken eggs, chicken meat and fertilizers from chicken manure.
The investment in QLFTN will be financed via internally generated funds and borrowings.
The incorporation of QLFTN is in line with the QL Group’s strategy to expand its integrated livestock farming division overseas.
The incorporation shall not have any effect on the issued and paid up capital of QL and no material effect on the net tangible assets, gearing and earnings of the Group for the financial year ended 31 March 2018.
The incorporation 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 13 April 2018.
|Company Name||QL RESOURCES BERHAD|
|Date Announced||13 Apr 2018|
|Category||General Announcement for PLC|