AsiaPhos to acquire LY Resources for S$36.8m
Acquisition set to boost Catalist-listed phosphate miner's operating cash flows and expand its resource base
Singapore
PHOSPHATE miner AsiaPhos is acquiring the entire stake of LY Resources for S$36.8 million in a bid to boost its operating cash flows and expand its resource base. The seller of LY Resources is Luo Yong, who owns half of the equity interest in Mianzhu Dashan Mining Co, the group's cooperation partner in China.
LY Resources is valued at 266.58 million yuan (S$58 million), based on an independent valuation report by Jones Lang LaSalle Corporate Appraisal and Advisory on June 26, 2015.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand