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AsiaPhos extends timeframe for Taiwan solar business acquisition

Bryan Wu
Bryan Wu • 2 min read
AsiaPhos extends timeframe for Taiwan solar business acquisition
Executive director of AsiaPhos Ong Hian En. Photo: The Edge Singapore
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AsiaPhos Limited 5WV has notified Global Resources England that its proposed acquisition of Global Resources SP (Taiwan) for US$3.5 million ($4.7 million) requires an extension of time for transaction documents to be finalised.

Global Resources SP (Taiwan) owns 76.59% of Helio Energy Two Corporation, a Taiwan-based solar assets owner and operator whose primary business activities are those of renewable energy development and solar asset management.

In a bourse filing on SGX on Nov 20, AsiaPhos 5WV announced that it had entered into an extension letter with Global Resources England to vary and amend the non-binding term sheet set out on Oct 9.

The transaction documents were initially scheduled to be executed on or before Nov 17.

With the extension letter, the termination date for the term sheet has been extended to Dec 31, with an agreed target date to complete the transaction extended between January 31, 2024 and Feb 28, 2024. 

AsiaPhos has reminded shareholders that the Term Sheet is non-binding and the proposed acquisition is subject to numerous conditions and further due diligence, including the entry into transaction documents. 

See also: First Sponsor Group ups stake in Dutch property firm NSI for $26.6 mil

As such, there is no assurance that the parties will be able to complete the proposed acquisition, says the company. “Shareholders are therefore asked to exercise caution when dealing in the shares of the company and should consult their legal, financial, tax and other professional advisers if they have any doubt as to the action to take.”

Shares in AsiaPhos closed unchanged at 0.9 cents on Nov 20.

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