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The Board of Directors of QL is pleased to announce that its wholly owned subsidiaries, QL Realty Sdn. Bhd. (Company No. 333760-K)("QLRT") and QL Feedingstuffs Sdn. Bhd. (Company No. 147366-A) ("QLF")have on 24 May 2010 received approval from the Ministry of Justice and Human Rights the incorporation of a wholly owned subsidiary known as PT. QL Agrofood ("QLA"), in Indonesia.
The authorised share capital and paid up capital of QLA is at USD5 million and USD4.5 million respectively. QLRT holds 99% equity of QLA and the balance of the shareholding ie 1% equity in QLA is held by QLF. QLA's principal activities are layer farming and feedmilling.
The investment in QLA by QLRT and QLF will be financed via internally generated funds and borrowings.
The incorporation of QLA is in line with the QL Group's strategy to expand its farming and feedmilling division overseas.
The incorporation does not have any effect on the issued and paid up share capital of QL and has no material effect on the earnings and net assets of QL Group for the financial year ending 31 March 2011. However expected a positive contribution to the future earnings of QL Group.
The Directors of QL are of the opinion that the above incorporation are in the best interest of QL. The incorporation is not subject to shareholders approval.
None of the directors and/or substantial shareholder of QL, or persons connected to such director and/or substantial shareholders has any interest, direct or indirect, in the above.
This announcement is dated 25 May 2010. |
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