QL Resources Bhd, an investment holding company engaged in marine products manufacturing, integrated livestock farming, and palm oil activities in Malaysia, plans to spend RM280 million over the next two years to expand its business.

The company will use the money to build more deepsea boats, upgrade existing cold rooms and machinery, plant more oil palm trees and build a palm oil mill in Indonesia.

Informing about the expansion plans, Chia Song Kun, Managing Director, QL Resources said, "We've been holding back on the project in the last two years due to the global economic uncertainties. But now we are allocating RM130 million for 2010 and RM150 million for 2011 for our business in poultry farming, planting of oil palms and deepsea fishing."

Ahead of the latest development, the company has also planned to set up a poultry farm in Vietnam this financial year, if economic conditions improve. The initial set-up cost will between RM30 million and RM40 million.

In addition, the firm is also embarking on preliminary research to convert oil palm empty fruit bunches into pellet form to sell as renewable fuel. Recently, QL Resources spent money tightening its grip on its marine product subsidiaries.