Announcement Details/Table Section :
The Board of Directors of QL is pleased to announce that its wholly owned subsidiary, QL Marine Products Sdn. Bhd. (Company No. 378679-K) had on 11 July 2011 acquired two (2) ordinary shares of RM1.00 each of Icon Blitz Sdn. Bhd. (Company No. 947813-A) ("IB"), representing the entire issued and paid up share capital from Asiah Binti Osman and Salasiah Binti Mohd Said for a consideration of RM2.00. IB was incorporated on 9 June 2011.
The authorised share capital of IB is at RM100,000.00 comprising of 100,000 ordinary shares of RM1.00 each with an issued and paid up share capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. It is a dormant company.
The above acquisition 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 ended 31 March 2011.
The Directors of QL are of the opinion that the above acquisition is in the best interest of QL. The above acquisition is not subject to QL’s 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 acquisition.
This announcement is dated 12 July 2011.
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