News and Announcements
AsiaPhos Undertakes Internal Restructuring to Expand Downstream Chemical Business
- Published June 19, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
AsiaPhos Limited, a Singapore-headquartered mineral resources company focused on exploring and mining phosphate with a vertically-integrated business model, announces plans to undertake the internal restricting of its subsidiaries in a bid to reorganise, streamline and expand its downstream business.
KEY TAKEAWAYS:
- The company’s downstream business is focused on the production and sale of phosphate-based chemicals.
- Before the Internal Restructuring, both the upstream and downstream businesses are undertaken by one business entity, Sichuan Mianzhu Northwest Phosphate Chemical Co., Ltd.
- With the Internal Restructuring, Sichuan Mianzhu’s businesses will be split, with the downstream business – assets, operations and activities – undertaken by a newly-incorporated wholly-owned foreign enterprise (“WOFE Subsidiary”).
- The entire equity interest of the WOFE Subsidiary will then be sold to APC Limited, another wholly-owned subsidiary of the Group recently incorporated in Hong Kong.
Commenting on the restructuring, Dr. Ong Hian Eng, the Chief Executive Officer and Executive Director of AsiaPhos Limited said:
“The combination of technologic advancements and market developments have opened up new opportunities for phosphorous and phosphate base chemicals. New applications for phosphate offer the potential for strong business growth. This Internal Restructuring of our business signals the Group’s move to adopt a more focused approach in growing the downstream business and allowing us to streamline our operations and focus our resources on maximizing growth opportunities.”
On the rationale for constructing a SHMP plant, Dr. Ong added:
“The construction of the SHMP Plant will expand the Group’s product offerings of phosphate-based chemicals, potentially leading to additional revenue and cashflow streams for us.”
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