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 Fishery Sdn. Bhd. (Company No. 259833-H) had on 30 December 2013 entered into Share Acquisition Agreement to acquire 100% equity interest in Kuala Kedah Fish Meal Sendirian Berhad (Company No. 46644-W) (“KKFM”), comprising of two (2) ordinary shares of RM1.00 each from Kuala Kedah Fish Industry Sdn. Bhd. (Company No. 36678-W) (“Acquisition”) for a total consideration of RM2,700,000.00.
 
KKFM is a private limited company incorporated in Malaysia on 14 April 1979 with an authorised share capital of RM50,000.00 comprising 50,000 ordinary shares of RM1.00 each, of which 2 ordinary shares have been issued and credited as fully paid up.

KKFM is the registered and beneficial owner of all that piece of leasehold industry land held under Pajakan Mukim No. 14, Lot 1121, Bandar Kuala Kedah, Daerah Kota Setar, Negeri Kedah, with a tenure of 60 years expiring on 3 July 2036, and measuring in area of approximately 9,200 square meters together with a fishmeal processing plant.

The consideration was arrived based on willing buyer-willing seller basis taking into consideration its strategic location ie a key fish landing centre in Northern Peninsular.

The Acquisition would be financed via internally generated funds.

Upon completion of the Acquisition, KKFM would become the wholly-owned subsidiary of QL Fishery Sdn. Bhd.

The 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 2014. However, it is anticipated that this acquisition will contribute positively to the Group's future earnings.

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.

The highest percentage ratio is 0.28%.

This announcement is dated 30 December 2013.