News

The Board of Directors of QL Resources Berhad (“QL”) wishes to announce that Department of Planning and Investment of Socialist Republic of Vietnam had on 23 February 2016 issued an Enterprise Registration Certificate, which was received by QL’s wholly owned subsidiary, QL Feedingstuffs Sdn. Bhd. (“QLF”) on 24 February 2016, for the incorporation by QLF of a new wholly-owned subsidiary known as QL Feedingstuffs Vietnam Limited Liability Company (“QLFV”), in Vietnam.

The chartered capital of QLFV is VND10,650,000,000 equivalent to USD500,000 and its principal activity is trading in animal feed raw materials and related products.

The investment in QLFV will be financed via internally generated funds and borrowings.

The incorporation of QLFV is in line with the QL Group’s strategy to expand its animal feed raw materials distribution business and related products overseas.

The incorporation shall not have any effect on the issued and paid up capital of QL and no material effect on the net tangible assets, gearing and earnings of the Group for the financial year ended 31 March 2016.

The incorporation of new subsidiary is not subject to any approvals from regulatory bodies or the shareholders of QL.

The Directors of QL are of the opinion that the above incorporation are in the best interest of QL.

None of the Directors or substantial shareholders of QL, or persons connected to such Directors or substantial shareholders has any interest, direct or indirect, in the above transaction.

This announcement is dated 24 February 2016.