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Transactions (Chapter 10 Of Listing Requirements):Recurrent Related Party Transactions

Back17 Jun 2014
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description Deviation between the actual transacted value and mandate value by 10% or more.

The Board of Directors of QL Resources Berhad ("QL" or "the Company") wishes to announce that the actual value of the recurrent related party transaction of a revenue or trading nature ("RRPT") transacted by its subsidiary, namely QL Plantation Sdn. Bhd. as at 31 May 2014 have exceeded the mandate 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 23 August 2013 is expiring at the Company’s forthcoming annual general meeting held to be held in August 2014 unless and otherwise renewed.

Purchase of fresh fruit bunch by QL Plantation Sdn. Bhd. ("QLP") from M.B. Agriculture (Sandakan) Sdn. Bhd. ("MB (Sdk)")

Mandate value approved on 23.08.2013 (RM’000)

Actual transacted value(cumulative period from 24.08.2013 to 31.05.2014)

(RM‘000)

% of Deviation

Reason

400

506

26.50

MB (Sdk) acquired additional estate. Hence able to produce more fresh fruit bunch. Therefore, QLP had increased its purchase volume.

The estimated value to be transacted for the period from June 2014 to August 2014 is RM350,000.

This announcement is dated 17 June 2014.

 

Announcement Info

Company Name QL RESOURCES BERHAD  
Stock Name QL    
Date Announced 17 Jun 2014  
Category General Announcement
Reference No QR-140617-4B7E2