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 Endau Marine Products Sdn. Bhd. and its group of companies (“Endau Group”) and Keang Huat Trading Sdn. Bhd. (“KHT”) have exceeded the mandate value by 10% or more.  

Endau Group obtained the renewal of shareholders’ mandate for its RRPT with KHT at the Company’s Annual General Meeting held on 27 August 2015 (“2015 AGM”) with mandate value of RM3,000,000.00.  The said mandate will be expiring at the Company’s Annual General Meeting to be held on 25 August 2016. However, the transaction value of the RRPT between Endau Group and KHT for the period from 28 August 2015 to 15 July 2016 stood at approximately RM3,433,000.00, which had exceeded 10% of the mandate value approved in 2015 AGM.  The details of the said deviation are as follows:-

Nature of transaction:  Purchase of spare parts by Endau Group from KHT

This announcement is dated 25 July 2016.