AsiaPhos Reports Mianzhu Norwest Phosphate Chemical's 7 Million Yuan Funds to Stay Frozen for One Year
MT Newswires03-26
AsiaPhos (SGX:5WV) said the Mianzhu Municipal People's Court in China has ordered the continued freezing of 7 million yuan in funds belonging to Sichuan Mianzhu Norwest Phosphate Chemical for another year until March 21, 2026, according to a Wednesday filing on the Singapore Exchange.
The phosphate company said the funds, which were previously frozen as part of legal proceedings involving Huili Jianhong Chemical, will remain inaccessible.
If released, the funds will be remitted to the group under the terms of Sichuan Mianzhu Norwest Phosphate Chemical's disposal agreement.
Sichuan Mianzhu Norwest Phosphate Chemical ceased to be part of the group on Aug. 31, 2024, following the disposal of relevant subsidiaries, AsiaPhos said.
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