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

Back15 Aug 2017
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description

Deviation between the actual transacted value and mandate value by 10% or more.

The Board of Directors of QL Resources Berhad (“QL” or “the Company”) wishes to announce that the aggregated actual value of the recurrent related party transactions of a revenue or trading nature (“RRPT”) transacted between QL Plantation Sdn. Bhd. ("QLP"), QL Farms Group ("QLF") and Total Icon Sdn. Bhd. (“TI”) have exceeded the mandate value by 10% or more.  

QLP and QLF had obtained the renewal of shareholders’ mandate for its RRPT with TI at the Company’s Annual General Meeting ("AGM") held on 25 August 2016 with total aggregated mandate value of RM140,000.00, which will be expiring at the next AGM to be held on 25 August 2017 ("Approved Mandate Value"). However, the transaction value of the RRPT between QLP and TI for the period from 26 August 2016 to 31 July 2017 stood at approximately RM157,420.00, which had exceeded 10% of the Approved Mandate Value. 

The details of the said deviation are as follows:-

Nature of Transaction

Mandate value approved on 25.08.2016 (RM'000)

Actual transacted value from 26.08.2016 to 31.07.2017 (RM‘000)

Variation between actual value and mandate value (%)

Reason

Sale of organic fertilizer by QL Farms Group to Total Icon Sdn. Bhd. (“TI”)

40

19.15

 N/A

N/A

Purchase of fresh fruit bunches (“FFB”) by QL Plantation Sdn. Bhd. from TI

100

138.27

38.27%

Due to the increase in purchase volume at higher buying price

Aggregated transaction amount with TI

140

157.42

12.44%

As per above

This announcement is dated 15 August 2017.

 

 

Announcement Info

Company Name QL RESOURCES BERHAD
Stock Name QL
Date Announced 15 Aug 2017
Category General Announcement for PLC
Reference Number GA1-15082017-00068