News

The Board of Directors of QL Resources Berhad (“QL”) wishes to announce that QL's wholly-owned subsidiaries, QL Feedingstuffs Sdn. Bhd. (“QL Feedingstuffs”) and QL Realty Sdn. Bhd. (“QL Realty”)  have on 9 July 2013, received approval from the Ministry of Justice and Human Rights for the incorporation of a wholly-owned subsidiary known as PT QL Feed (“PT QL Feed”), in Indonesia.

The authorized and paid up share capital of PT QL Feed is USD500,000 and USD500,000 respectively. Its principal activity is to engage in general trading of food and beverages and others.

The investment in PT QL Feed will be financed via internally generated funds and borrowings.

The incorporation of PT QL Feed is in line with the QL Group's strategy to expand its general trading of animal feed raw material and food overseas.

The incorporation of PT QL Feed shall not have any effect on the issued and paid up capital of QL and no material effect on net tangible assets, gearing and earnings of the Group for the financial year ending 31 March 2014. However, barring any unforeseen circumstances, it is expected to have a positive impact on the consolidated earnings of the Group in the future.

The incorporation of new subsidiary is not subject to any approvals from regulatory bodies or the shareholders of QL.

The Directors of QL are of the opinion that the above incorporation are in the best interest of QL.

None of the Directors or substantial shareholders of QL, or persons connected to such Directors or substantial shareholders has any interest, direct or indirect, in the above transaction.

This announcement is dated 9 July 2013.