News
New Subsidiary - Natureco Sdn. Bhd.
| Date Announced |
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11/10/2007 |
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| Type | : | Announcement |
| Subject | : | New subsidiary - NatureCo Sdn. Bhd. |
Contents :
1.0 INTRODUCTION
The Board of Directors of QL Resources Berhad ("QL") wish to announce that its wholly owned subsidiary namely QL Oil Sdn. Bhd. ("QLO") entered into an Investment Agreement ("IA") with the intention to acquire 6,000 ordinary shares, representing 60% of the total share capital of NatureCo Sdn. Bhd. ("the Company") ("the Shares") at a consideration of RM396,000 ("the Purchase Price"). Upon completion of the acquisition, the Company will be a 60% owned subsidiary of QLO.
2.0 INFORMATION ON NATURECO SDN. BHD.
NatureCo Sdn. Bhd. (Company No. 587903-T) is a company incorporated in Malaysia and having a registered office at 47A, Jalan Batai Laut 5, Kawasan 16, Taman Intan, Klang, 41300 Selangor, with a total issued and paid up share capital of RM10,000 divided into 10,000 ordinary shares.
The proposed principal business of the Company is the development of cellulosic bio fuel and other palm related downstream activities.
3.0 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.