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

BackAug 14, 2018
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 aggregated actual value of the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between QL Farms Group ("QLF") and M.B. Agriculture (Sandakan) Sdn. Bhd. (“MB”) have exceeded the mandate value by 10% or more.  

QLF had obtained the renewal of shareholders’ mandate for its RRPT with MB at the Company’s Annual General Meeting ("AGM") held on 25 August 2017 with total aggregated mandate value of RM300,000.00, which will be expiring at the next AGM to be held on 28 August 2018 ("Approved Mandate Value"). However, the transaction value of the said RRPT for the period from 26 August 2017 to 10 August 2018 stood at approximately RM399,000.00, which had exceeded 10% of the Approved Mandate Value. 

The details of the said deviation are as follows:-

Nature of Transaction

Related Party

Mandate value approved on 25.08.2017 (RM'000)

Actual transacted value from 26.08.2017 to 10.08.2018 (RM‘000)

Variation between actual value and mandate value (%)

Reason

Purchase of raw material and packing material as well as sale of chicken part, egg and sundries by QLF 

MB

300

399

32.92

Mainly due to increase in sales quantity of eggs.

This announcement is dated 14 August 2018.

 


Announcement Info

Company Name QL RESOURCES BERHAD
Stock Name QL
Date Announced 14 Aug 2018
Category General Announcement for PLC
Reference Number GA1-14082018-00055