AsiaPhos: Unusual trading may be due to preliminary talks on business opportunities

PHOSPHATE mining company AsiaPhos Limited on Friday hinted that it might be in talks with parties on potential business opportunities, as it responded to a query from its sponsor on unusual trading activity.

"From time to time, the group may be in discussions with other parties regarding potential business opportunities," it said. "However, such discussions are preliminary and incomplete at this juncture and the company wishes to highlight that the outcome of these discussions cannot be certain and there is no assurance that they will materialise into any transaction."

The company will make an appropriate announcement if there are any material developments, it added.

The Catalist-listed group said that it had received queries from its sponsor UOB Limited earlier on Friday. The stock rose 3.125 per cent, or 0.3 Singapore cent, to close at 9.9 Singapore cents in heavy trading.

Some 12 million shares changed hands, compared to its average volume of 0.28 million in the past three months.