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 Endau Marine Products Sdn. Bhd. as at 22 August 2011 have exceeded the estimated value by 10% or more. The details of the aforesaid transaction are as stated in the table below.
The shareholders’ mandate for the abovementioned RRPT which had been obtained on 24 August 2010 has expired at the Company’s extraordinary general meeting held on 23 August 2011. However, the new shareholders’ mandate for the RRPT of RM1,500,000 had been obtained on 23 August 2011 and shall expired at the Company’s forthcoming extraordinary general meeting to be held in August 2012 unless and otherwise renewed.
This announcement is dated 9 November 2011.
(i) Purchase of fish by QL Endau Marine Products Sdn. Bhd. (“QLEMP”) from Timurikan Trengganu Marine Products Sdn. Bhd. (“Timurikan”)
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Estimated value approved on 24.08.2010 (RM’000)
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Actual transacted value (cumulative period from 24.08.2010 to 22.08.2011)
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% of Deviation
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Reason
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800
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1,050
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31.25
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(a) Total vessels increase which will increase the total fish catch
(b) Purchase of frozen fish from Timurikan which is new for QLEMP business for direct re-export.
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