News

The Board of Directors of QL Resources Berhad (“QL” or “the Company”) wishes to announce that the actual value of the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between QL Tawau Feedmill Sdn. Bhd. (“QLTF”) and M.B. Agriculture (Sandakan) Sdn. Bhd. (“MB”) have exceeded the mandate value by 10% or more.  

QLTF obtained the renewal of shareholders’ mandate for its RRPT with MB at the Company’s Annual General Meeting held on 22 August 2014 (“2014 AGM”) with mandate value of RM5,500,000.00.  The said mandate expired at the Company’s Annual General Meeting ("AGM") held on 27 August 2015 and renewed on the Company's AGM on 27 August 2015. However, the transaction value of the RRPT between QLTF and MB for the period from 23 August 2014 to 27 August 2015 stood at approximately RM6,212,000.00 had exceeded 10% of the mandate value approved in 2014 AGM.  The details of the said deviation are as follows:-

Nature of transaction: Sale of animal feed by QL Tawau Feedmill Sdn. Bhd. to M.B. Agriculture (Sandakan) Sdn. Bhd.

This announcement is dated 2 October 2015.