News

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

Back26 Aug 2016
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 made on 25 July 2016, the Board of Directors of QL Resources Berhad (“QL” or “the Company”) wishes to announce that the percentage of deviation between the additional transaction value and the mandated value in connection with the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between Endau Group and Keang Huat Trading Sdn. Bhd. has exceeded 10%. 

The details of the abovementioned deviation are as follows:-

Nature of transaction

Mandate value approved on 27.08.2015 (RM'000)

Actual transacted value from 28.08.2015 to 14.08.2016 (RM‘000)

Announced on 25.07.2016

Cumulative transaction value from 15.08.2016 to 25.08.2016 (RM'000)

Additional value (C-B)

(RM'000)

% of deviation based on mandated value

(D/A*100)

Reason for deviation
 

(A)

(B)

( C)

(D)

 

 

Purchase of spare parts by Endau Group

3,000

3,433

3,931

498

16.60

The increase of the purchase of spares parts was mainly due to the purchase for new vessel.

The shareholders had approved the renewal of the abovementioned RRPT in the Company’s AGM on 25 August 2016 with a mandate value of RM5,000,000.



Announcement Info

Company Name QL RESOURCES BERHAD
Stock Name QL
Date Announced 26 Aug 2016
Category General Announcement for PLC
Reference Number GA1-26082016-00072