News

Pursuant to Para 9.19 (23) of the Main Market Listing Requirements, the Board of Directors of QL is pleased to announce that its wholly-owned subsidiary, QL Farms Sdn. Bhd. (Company No. 133226-P) had on 1 August 2012 entered into a Sale and Purchase of Shares Agreement to acquire 100% equity interest in Merkaya Sdn. Bhd. (Company No. 122455-H) ("Merkaya"), comprising of Four (4) ordinary shares of RM1.00 each from Wong Sze Phin @ Jimmy, Yeo Cho Lang and Yeo Chun Ping for a consideration of RM1,012,499.00, resulting in Merkaya being a wholly-owned subsidiary of QL.

Merkaya was incorporated in Malaysia on 27 June 1984 and is dormant. The authorised share capital of Merkaya is at RM25,000.00 comprising 25,000 ordinary shares of RM1.00 each with an issued and paid up share capital of RM4.00 comprising 4 ordinary shares of RM1.00 each. Merkaya is the registered proprietor of the following four (4) parcels of land which are as follows:-

(a) agriculture land CL105479829 situated at Mile 5, Apas Road containing 12,034 square feet, more or less;
(b) agriculture land CL105479847 situated at Mile 5, Apas Road containing 13,909 square feet, more or less;
(c) 61539/99999 of road reserve land CL105479856 at Mile 5, Apas Road containing 8,921 square feet, more or less; and
(d) 61539/99999 of open space land CL105479838 at Mile 5, Apas Road containing 8,779 square feet, more or less.

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 2013.

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 1 August 2012.