Notes to the Financial Statements
33. Significant events during the year
33.1 In April 2007, QL Feed Sdn. Bhd. ("QL Feed") entered into an Assets Sale and Purchase Agreement with Pok
Brothers Sdn. Bhd. ("PB") to dispose certain stocks, various equipments, furniture and fixtures and other items
to PB for a total consideration of RM3,154,000.
33.2 In April 2007, the Company signed a memorandum of understanding ("MOU") with Sojitz Corporation of Japan
("Sojitz") to signify their mutual intent to enter into a joint venture agreement upon the terms to be agreed by
the parties ("Proposed JV"). In December 2007, the MOU was mutually terminated as it was no longer viable to
proceed with the bio-diesel project due to the high Crude Palm Oil ("CPO") price.
33.3 In June 2007, QL Mutiara (S) Pte. Ltd. ("QLM") increased its paid-up capital by RM11,350,000 (USD3,230,000) of
which QL Oil Sdn. Bhd. ("QLO") has subscribed 78.4% in QLM.
33.4 In July 2007, QL Agroventures Sdn. Bhd. ("QLA") entered into a related party transaction with M.B. Agriculture
(Sabah) Sdn. Bhd. to take over its leasehold land for a total consideration of RM1,147,000.
33.5 In July 2007, QLM subscribed to 95% equity interest of PT Pipit Mutiara Indah ("PMI") for cash consideration of
RM11,346,000 (USD3,400,000) pursuant to the Master Joint Agreement.
33.6 In September 2007, QL Plantation Sdn. Bhd. (formerly known as Tong Len Plantation Sdn. Bhd.) ("QLP") entered
into a Sale and Purchase Agreement ("SPA") with POIC Sabah Sdn. Bhd. for the acquisition of 1 (one) lot of land
held under Lot 13B, District of Lahad Datu, Sabah measuring approximately 871,200 square feet for a cash
consideration of RM10,454,000.
As at balance sheet date, an amount of RM9,409,000 has been paid as progress payments for the acquisition of
the Land (see Note 7).
33.7 In September 2007, QL Fresh Choice Seafood Sdn. Bhd. (formerly known as Fresh Choice Seafood Trading Sdn.
Bhd.) ("QLFC") entered into a Sale and Purchase Agreement with Far East Seafood Centre Sdn. Bhd. to dispose a
parcel of land described as Country Lease No. 015385887 together with a two storey semi-detached office cum
warehouse for total consideration of RM800,000.
33.8 In October 2007, QLO acquired 60% of the share capital of QL Natureco Sdn. Bhd. (formerly known as Natureco
Sdn. Bhd.) for cash consideration of RM396,000. The subsidiary increased its authorised and paid-up capital by
another RM990,000 immediately after the acquisition with no changes in the equity held by QLO. Its intended
principal activity is development of cellulosic bio fuel and other palm related downstream activities.
33.9 In October 2007, Figo Foods Sdn. Bhd. ("Figo") acquired 70% equity interest of NFood Industry Pte. Ltd.
("NFood") for cash consideration of SGD105,000 (approximately RM259,000). Subsequently in January 2008,
Figo acquired the remaining 30% equity interest in NFood for SGD45,000 (approximately RM103,000), increasing
its ownership from 70% to 100%.
33.10 In December 2007, the Company signed a MOU with Sulzer Chemtech Pte. Ltd. ("Sulzer") as to facilitate the
development of a working Tocopherol Recovery Project.
As at balance sheet date, an amount of RM1,172,000 (equivalent to SGD500,000) being commitment sum paid
upon signing the MOU.
33.11 In March 2008, QL Foods Sdn. Bhd. ("QL Foods") has entered into a Sale and Purchase Agreement ("SPA") with
related parties Chia Cheong Soong and Chia Song Pou ("Vendor") to acquire 2 (two) parcels of land described as
Lot No. 3300 & 3301 in Mukim Hutan Melintang, District of Hilir Perak, Perak measuring 1.0927 hectares and
1.1685 hectares respectively for a total cash consideration of RM1,585,000.
As at balance sheet date, an amount of RM159,000 has been paid as a deposit for the acquisition of the land.
110
QL Resources Berhad
