News

The Board of Directors of QL Resources Berhad ("QL") wishes to inform that it had on 11 September 2015 dispose all its 38.63% shareholding, a total of 19,865,700 ordinary shares of RM1.00 each in Lay Hong Berhad ("LH") at the price of RM3.05 per share via Direct Business Transaction on Bursa Malaysia Securities. The total consideration involved was RM60,590,385 which is 4.04% of QL's audited consolidated net assets as at 31 March 2015.

The basis of arriving at the price of RM3.05 per share takes into consideration the total cumulative cost of investment to date of RM41,716,529. The total gain on disposal is RM18,873,856. Out of which, RM10,150,000 and RM 8,347,000 were recognised as deemed disposal gain in FY2012 and FY2015 respectively. Current period disposal gain is RM376,856.

As QL does not have any Board representation in LH and is unable to influence its corporate direction, QL has decided to dispose and realise its investment gain.

None of the directors and/or major shareholders and/or person connected to them have any interest, direct or indirect in the Disposal.

The Board of Directors is of the opinion the said Disposal is in the best interest of the Company.

This announcement is dated 11 September 2015.