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QL Resources buys 100 pct of Kuala Kedah fish meal for RM2.7 mln

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QL Resources buys 100 pct of Kuala Kedah fish meal for RM2.7 mln Empty QL Resources buys 100 pct of Kuala Kedah fish meal for RM2.7 mln

Post by Cals Mon 30 Dec 2013, 21:23

QL Resources buys 100 pct of Kuala Kedah fish meal for RM2.7 mln
Business & Markets 2013
Written by Bernama   
Monday, 30 December 2013 18:17

KUALA LUMPUR (Dec 30): QL Resources Bhd's wholly-owned unit, QL Fishery Sdn Bhd, has acquired 100 per cent of Kuala Kedah Fish Meal Sdn Bhd (KKFM) for RM2.7 million.

In a filing to Bursa Malaysia, QL Resources said the acquisition would be financed via internally-generated funds.

"The consideration was based on a willing buyer-willing seller basis, taking into consideration KKFM's strategic location as a key fish landing centre in the northern peninsula," the company said.

KKFM is the registered and beneficial owner of a piece of leasehold industrial land in Kuala Kedah, measuring 9,200 sq metres, together with a fishmeal processing plant, with a tenure of 60 years, expiring on July 3rd, 2036.

QL Resources said the acquisition did not have any effect on the issued and paid-up share capital of the company, and has no material effect on the earnings and net assets of the group, for the financial year ending March 31, 2014. 

"However, it is anticipated that this acquisition will contribute positively to the Group's future earnings," it added.
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