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
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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.
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