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 Agrofood Sdn. Bhd. (“QL Agrofood”) and M.B. Agriculture (Sabah) Sdn. Bhd. (“MB Sabah”) have exceeded the mandate value by 10% or more.

QL Agrofood obtained the renewal of shareholders’ mandate for its RRPT with MB Sabah at the Company’s Annual General Meeting held on 27 August 2015 (“2015 AGM”) with mandate value of RM15,000,000.00.  The said mandate will be expiring at the Company’s Annual General Meeting (“AGM”) to be held on 25 August 2016. However, the transaction value of the RRPT between QL Agrofood and MB Sabah for the period from 28 August 2015 to 31 July 2016 stood at approximately RM17,340,000.00, which had exceeded 10% of the mandate value approved in 2015 AGM.  The details of the said deviation are as follows:-

Nature of transaction: Sale of broiler, meat/frozen food and organic fertilizer by QL Agrofood to M.B. Agriculture (Sabah) Sdn. Bhd.

This announcement is dated 22 August 2016.