QL Resources Bhd’s subsidiary, QL Feedingstuffs Sdn Bhd (QLF), will dispose of its 61.97% equity interest in QL KK Properties Sdn Bhd (QLKK) for a cash consideration of RM11.8 million to Ruby Technique Sdn Bhd.
In a filing exchange yesterday, the multinational agro-food corporation noted the disposal is in line with QL’s strategic review to focus on its core business.
The proposed disposal is an opportunity for QLF to realise the gains from its investment in QLKK.
The purchase price is based on the mutually agreed total net tangible assets valuation of RM19.1 million.
The expected gain arising from the disposal to the group is RM9.5 million, with an additional gain from the disposal of the balance 1.43 million ordinary shares expected to contribute another RM5.8 million.