News

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

Back25 Feb 2011

Date Announced

25/02/2011

Type

Announcement

Subject

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS

Description

The Board of Directors of QL Resources Berhad (“QL” or “the Company”) wishes to announce that the actual value of the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between its subsidiary, namely QL Plantation Sdn. Bhd. and M.B. Agriculture (Sandakan) Sdn. Bhd. (“Transaction”) as at 31 December 2010 have exceeded the estimated value by 10% or more. The details of the aforesaid Transaction are as stated in Table A below.

The shareholders’ mandate for RRPT of QL and its subsidiaries has been obtained on 24 August 2010, and shall expired at the Company’s forthcoming extraordinary general meeting to be held in August 2011 unless and otherwise renewed.

This announcement is dated 25 February 2011.

Announcement Details/Table Section :

Table A

Sales of fresh fruit bunches ("FFB") from M.B. Agriculture (Sandakan) Sdn. Bhd. to QL Plantation Sdn. Bhd.

Estimated value approved on 24.08.2010 (RM’000)

Actual transacted value (cumulative period from 24.08.2010 to 31.12.2010)

(RM'000)

% of Deviation

Reason

5,000

5,705

14.10

Increased in unit price of FFB