Announcement Details/Table Section :
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 by its subsidiaries, namely QL Livestock Farming Sdn. Bhd. and QL Endau Fishmeal Sdn. Bhd. as at 31 May 2011 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 had 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 27 June 2011.
Table A:
(i) Sales of animal feeds by QL Livestock Farming Sdn. Bhd. to Success Portfolio Sdn. Bhd.
|
Estimated value approved on 24.08.2010 (RM’000)
|
Actual transacted value (cumulative period from 24.08.2010 to 31.05.2011)
|
% of Deviation
|
Reason
|
|
4,200
|
4,704
|
12
|
Major increase in raw material cost resulting in higher feed cost produced.
|
(ii) Sales of animal feeds by QL Livestock Farming Sdn. Bhd. to Green Breeder Sdn. Bhd.
|
Estimated value approved on 24.08.2010 (RM’000)
|
Actual transacted value (cumulative period from 24.08.2010 to 31.05.2011)
|
% of Deviation
|
Reason
|
|
3,000
|
3,446
|
14.87
|
Major increase in raw material cost resulting in higher feed cost produced.
|
(iii)Purchase of raw fish by QL Endau Fishmeal Sdn. Bhd. to Perikanan Sri Tanjung Sdn. Bhd.
|
Estimated value approved on 24.08.2010 (RM’000)
|
Actual transacted value (cumulative period from 24.08.2010 to 31.05.2011)
|
% of Deviation
|
Reason
|
|
200
|
228
|
14
|
Increased in purchase quantity and revision in purchase price.
|
(iv) Purchase of raw fish by QL Endau Fishmeal Sdn. Bhd. to Timurikan Trengganu Marine Products Sdn. Bhd.
|
Estimated value approved on 24.08.2010 (RM’000)
|
Actual transacted value (cumulative period from 24.08.2010 to 31.05.2011)
|
% of Deviation
|
Reason
|
|
200
|
305
|
52.5
|
Increased in purchase quantity and revision in purchase price.
|
|
