AsiaPhos Former Unit Ordered to Pay 3 Million Yuan in Legal Dispute

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AsiaPhos Former Unit Ordered to Pay 3 Million Yuan in Legal Dispute

MT Newswires04-02

AsiaPhos (SGX:5WV) said a Chinese court has ordered its former subsidiary, Sichuan Mianzhu Norwest Phosphate Chemical, to pay 3 million yuan in compensation to Huili Jiahong Chemical, along with a court handling fee of 30,840 yuan, according to a Wednesday filing on the Singapore Exchange.

The ruling by the Deyang Intermediate People's Court is final and Sichuan Mianzhu Norwest Phosphate intends to proceed with payment while consulting legal advisers on a potential retrial application.

AsiaPhos said it had already recognized an impairment loss of 3 million yuan in fiscal 2024.

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