News
New Subsidiary - Nfood Industry Pte Ltd
| Date Announced |
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11/10/2007 |
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| Type | : | Announcement |
| Subject | : | New subsidiary - NFood Industry Pte Ltd |
Contents :
INTRODUCTION
On behalf of the Board of Directors of QL Resources Berhad ("QL"), we wish to announce that its subsidiary, namely Figo Foods Sdn. Bhd. ("Figo") had on 10 October 2007 entered into a Share Purchase Agreement ("SPA") with the intention to acquire 600,002 ordinary shares representing 100% of the total share capital of NFood Industry Pte Ltd ("the Company") ("the Shares") from the Vendors at a consideration of SGD150,000.00 together with the interest-free advance owned by the Company to Mr Neo Eng Seng amount to SGD667,782.00 ("the Purchase Price") and subject to the terms and conditions contained therein. Upon completion of the acquisition, the Company will be a wholly-owned subsidiary of Figo.
INFORMATION ON THE VENDORS
Mr Neo Eng Seng (Singapore ID No.S1560983D) and Lim Lee Choo (Singapore ID S1557424J) both of 2 Bengonia Cresent, Hock Swee Hill, Singapore 809971 ("Vendors") collectively are the registered and beneficial holders of all the issued and paid-up share capital of the Company comprising 600,002 ordinary shares in equal proportions.
As at 30 June 2007, there is an outstanding interest-free shareholders advance of SDG667,782.00 owing by the Company to Mr Neo Eng Seng.
INFORMATION ON NFOOD INDUSTRY PTE LTD
NFood Industry Pte Ltd (Company Registration Number 200004556E) is a company established under the laws of Singapore and having a registered office at 15 Woodlands Loop, #01-36 Singapore 738322, with a total issued and paid up share capital of SDG600,002 divided into 600,002 ordinary shares. The Company is a manufacturer of fish based food products and has an established distribution network and customer base in Singapore.
DIRECTORS', MAJOR SHAREHOLDERS' AND PERSONS CONNECTED INTEREST
None of the Directors, Major Shareholders of the Company and persons connected to the Directors and Major Shareholders of QL has any interest, direct or indirect, in the acquisition.