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

Back05 Nov 2015

 

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description 
Deviation between the additional transaction value and mandated value that exceeded 10%

Further to the announcement dated 6 July 2015, the Board of Directors of QL Resources Berhad ("QL" or the "Company") wishes to announce that the % of deviation between the additional transaction value and the mandated value in connection with the the recurrent related party transactions of a revenue or trading nature (“RRPT”) between QL Livestock Farming Sdn. Bhd. (“QLLF”) and Green Breeder Sdn. Bhd. (“GB”) has exceeded 10%. 

The details of the abovementioned deviation are as follows:-

 

Nature of transaction

Mandate value approved on 22.08.2014 (RM'000) for the period from 23.08.2014 to 27.08.2015

Actual transaction value from 23.08.2014 to 15.06.2015 (RM'000)

Announced on 06.07.2015

Additional transaction value from 16.06.2015 to 27.08.2015 (RM'000)

% of deviation based on mandated value

(C/A*100)

Reason for deviation
 

(A)

(B)

( C)

 

 

Sale of animal feed by QLLF to GB

15,000

17,262

3,712

24.75

1) Feed price increased following the increase in raw material price.

2) The livestock production in GB has increased.

3) Total bill was higher after charging GST of 6%

The shareholders had approved the renewal of the abovementioned RRPT in the Company's AGM on 27 August 2015 with a mandate value of RM24,000,000. This mandate shall expire in the Company's next AGM in year 2016 unless renewed.

 

 

Announcement Info

Company Name QL RESOURCES BERHAD
Stock Name QL
Date Announced 05 Nov 2015
Category General Announcement for PLC
Reference Number GA1-04112015-00012