QL Resources Berhad on Monday announced is was granted approval from the Ministry of Justice and Human rights for the incorporation of a wholly-owned subsidiary, PT QL Feed, in Indonesia.
Set up by QL’s existing subsidiaries, QL Feedingstuffs and QL Realty, the new unit’s authorized and paid up share capital is USD 500,000 and USD 500,000, respectively.
The investment will be financed via internally generated funds and borrowings. The incorporation of PT QL Feed is in line with the QL Group's strategy to expand its animal feed raw materials distribution business and related products overseas.
“It’s principal activity is to engage in general trading of animal feed raw materials and related products,” the company said.
The incorporation of new subsidiary is not subject to any approvals from regulatory bodies or the shareholders of QL.
