Announcement Details/Table Section :
Pursuant to Para 9.19 (23) of the Main Market Listing Requirements, the Board of Directors of QL is pleased to announce that its subsidiary, QL AgroResources Sdn. Bhd. (Company No.324173-D) had on 7 October 2011 entered into a Share Sale and Purchase Agreement to acquire 100% equity interest in Gelombang Elit (M) Sdn. Bhd. (Company No. 354132-P) ("GE"), comprising of Three Hundred Fifty Two Thousand Six Hundred (352,600) ordinary shares of RM1.00 each from Ong Sok Joo and Tang Chai Kuang for a consideration of RM1,177,600.00, resulting in GE being a wholly owned subsidiary of QL.
GE was incorporated in Malaysia on 5 August 1995 and is a dormant company. The authorised share capital of GE is at RM500,000.00 comprising of 500,000 ordinary shares of RM1.00 each with an issued and paid up share capital of RM352,600.00 comprising 352,600 ordinary shares of RM1.00 each.
The acquisition is to be funded from internal resources.
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 ending 31 March 2012.
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 7 October 2011.
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