Reported Earnings • Apr 19
Full year 2025 earnings released: S$0.001 loss per share (vs S$0.002 loss in FY 2024) Full year 2025 results: S$0.001 loss per share (improved from S$0.002 loss in FY 2024). Revenue: S$5.32m (up 24% from FY 2024). Net loss: S$1.69m (loss narrowed 33% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Announcement • Apr 16
AsiaPhos Limited, Annual General Meeting, Apr 30, 2026 AsiaPhos Limited, Annual General Meeting, Apr 30, 2026, at 10:00 Singapore Standard Time. Location: 22 kallang avenue, 03-02 hong aik industrial building, singapore 339413, Singapore Reported Earnings • Mar 04
Full year 2025 earnings released: S$0.001 loss per share (vs S$0.002 loss in FY 2024) Full year 2025 results: S$0.001 loss per share (improved from S$0.002 loss in FY 2024). Revenue: S$5.32m (up 24% from FY 2024). Net loss: S$1.69m (loss narrowed 33% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. New Risk • Nov 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: S$11.8m (US$9.12m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-S$3.3m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Market cap is less than US$10m (S$11.8m market cap, or US$9.12m). Reported Earnings • Aug 18
First half 2025 earnings released: S$0.001 loss per share (vs S$0.001 loss in 1H 2024) First half 2025 results: S$0.001 loss per share (in line with 1H 2024). Revenue: S$3.03m (up 407% from 1H 2024). Net loss: S$833.0k (loss narrowed 20% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 13
First half 2025 earnings released: S$0.001 loss per share (vs S$0.001 profit in 1H 2024) First half 2025 results: S$0.001 loss per share (down from S$0.001 profit in 1H 2024). Revenue: S$3.03m (up 407% from 1H 2024). Net loss: S$833.0k (down 230% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jul 30
AsiaPhos Limited to Report First Half, 2025 Results on Aug 15, 2025 AsiaPhos Limited announced that they will report first half, 2025 results on Aug 15, 2025 Reported Earnings • Apr 11
Full year 2024 earnings released: S$0.002 loss per share (vs S$0.004 loss in FY 2023) Full year 2024 results: S$0.002 loss per share (improved from S$0.004 loss in FY 2023). Revenue: S$4.29m (up 152% from FY 2023). Net loss: S$2.53m (loss narrowed 39% from FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Apr 09
AsiaPhos Limited, Annual General Meeting, Apr 24, 2025 AsiaPhos Limited, Annual General Meeting, Apr 24, 2025, at 10:00 Singapore Standard Time. Location: 22 kallang avenue, 03-02 hong aik industrial building, singapore 339413, Singapore New Risk • Mar 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -S$4.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-S$4.9m free cash flow). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Market cap is less than US$10m (S$7.40m market cap, or US$5.50m). Minor Risk Revenue is less than US$5m (S$4.3m revenue, or US$3.2m). Reported Earnings • Feb 26
Full year 2024 earnings released: S$0.002 loss per share (vs S$0.004 loss in FY 2023) Full year 2024 results: S$0.002 loss per share (improved from S$0.004 loss in FY 2023). Revenue: S$4.29m (up 152% from FY 2023). Net loss: S$2.53m (loss narrowed 39% from FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Market cap is less than US$10m (S$8.88m market cap, or US$6.50m). Minor Risk Revenue is less than US$5m (S$2.2m revenue, or US$1.6m). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: S$0.001 (vs S$0 in 3Q 2023) Third quarter 2024 results: EPS: S$0.001 (up from S$0 in 3Q 2023). Revenue: S$1.38m (up 286% from 3Q 2023). Net income: S$1.31m (up S$1.67m from 3Q 2023). Profit margin: 95% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Nov 09
AsiaPhos Limited to Report Q3, 2024 Results on Nov 14, 2024 AsiaPhos Limited announced that they will report Q3, 2024 results on Nov 14, 2024 Announcement • Aug 17
AsiaPhos Limited (Catalist:5WV) signed an agreement to acquire 51% stake in Velora Pte. Ltd from Sahid Ramadian, Gabriella Resti Hardiyanti and Toh Mei Chu for SGD 0.36 million. AsiaPhos Limited (Catalist:5WV) signed an agreement to acquire 51% stake in Velora Pte. Ltd from Sahid Ramadian, Gabriella Resti Hardiyanti and Toh Mei Chu for SGD 0.36 million on August 16, 2024. Sahid Ramadian agreed to sell 45% , Gabriella Resti sells 4%, and Toh Mei Chu sells 2% their stake in Velora Pte. Ltd The Acquisition will be funded by internal resources and is not expected to have any material impact on the Group’s net tangible assets or earnings per Share for the current financial year ending December 31, 2024. The Purchase Consideration is payable in full on Completion.
For March 31, 2024, the net book value of the Sale Shares of Velora is SGD 0.184 million.
The transaction is subject to all necessary or desirable shareholder, board or other internal corporate approvals being passed by AsiaPhos and Velora to approve the sale and purchase of the Sale Shares, and the terms and execution of the Agreement and also all legal, financial, tax and technical due diligence and other investigations having been conducted on Velora to AsiaPhos’s satisfaction and the results of all such due diligence and investigations being satisfactory to AsiaPhos. The results of a review by independent financial advisers, appointed by AsiaPhos, on the terms of the Agreement and such other documents as may be relevant in connection with the sale and purchase of the Sale Shares. The transaction is also subject to all necessary or desirable consents, approvals, waivers, permits, licenses or exemptions from third parties. The transaction is subject to approval of the Singapore Exchange Securities Trading Limited and also there having been no objections to the Agreement and the transactions contemplated under the Agreement from any government authorities and/or regulatory authorities and third parties. Sahid, Velora and Gavin having entered into an offsetting agreement on terms acceptable to AsiaPhos and each of Sahid, Velora and Gavin having complied with the terms of the Offsetting Agreement; Velora, Gabriella, Yvonne, AsiaPhos and each other shareholder of Velora as required by AsiaPhos having entered into a shareholders’ agreement on terms acceptable to AsiaPhos, and each of the parties thereto having complied with the terms of the shareholders’ agreement; and each party to the Agreement having executed all documentation reasonably required by AsiaPhos in connection with the sale and purchase of the Sale Shares. Completion shall take place within seven calendar days of the satisfaction of all of the conditions precedent, or such other date as may be agreed by the parties, but in any event not later than December 31, 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: S$0.001 (vs S$0 in 2Q 2023) Second quarter 2024 results: EPS: S$0.001 (up from S$0 in 2Q 2023). Net income: S$1.07m (up S$1.03m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Aug 05
AsiaPhos Limited to Report Q2, 2024 Results on Aug 14, 2024 AsiaPhos Limited announced that they will report Q2, 2024 results on Aug 14, 2024 New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 43% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-S$620k). Market cap is less than US$10m (S$7.40m market cap, or US$5.51m). Minor Risks Shareholders have been diluted in the past year (43% increase in shares outstanding). Revenue is less than US$5m (S$1.4m revenue, or US$1.0m). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: S$0 (vs S$0.001 loss in 1Q 2023) First quarter 2024 results: EPS: S$0 (improved from S$0.001 loss in 1Q 2023). Net loss: S$426.0k (loss narrowed 35% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • May 05
AsiaPhos Limited to Report Q1, 2024 Results on May 15, 2024 AsiaPhos Limited announced that they will report Q1, 2024 results on May 15, 2024 Announcement • Apr 16
AsiaPhos Limited, Annual General Meeting, May 30, 2024 AsiaPhos Limited, Annual General Meeting, May 30, 2024, at 15:30 Singapore Standard Time. Location: 22 Kallang Avenue #03-02 Hong Aik Industrial Building, Singapore 339413 Singapore Singapore Agenda: To receive and adopt the Directors' Statement and the audited financial statements of the Company for the financial year ended 31 December 2023 together with the Auditor's Report; to consider the re-election of Mr Goh Yeow Tin, a Director retiring pursuant to Article 88 of the Constitution of the Company; and to consider other matters. Announcement • Apr 14
Asiaphos Limited Announces Retirement of Ong Hian Eng as Chief Executive Officer AsiaPhos Limited announced retirement of Ong Hian Eng as Chief Executive Officer. Dr Ong is father of Mr. Ong Eng Keong, an Executive Director of the Company, uncle of Mr. Simon Ong, a Non-Executive Non-Independent Director of the Company, and Ms Ong Bee Kuan Melissa, a substantial shareholder of the Company. Other DirectorShips Past includes Hwa Hong Corporation Ptd. Ltd. ii. Singapore Warehouse Company (Private) Ltd. iii. Ong Chay Tong & Sons (Private) Limited iv. Paco Industries Pte. Ltd. v. Singamet Trading Pte. Ltd. (in liquidation) vi. Global Trade Investment Management Pte Ltd. vii. Asiaphos Resources Pte. Ltd. (struck off) viii. 253 JB Pte. Ltd. Other DirectorShips Present FICA (Pte.) Ltd. ii. Norwest Chemicals Pte Ltd. iii. Norwest Global Trading Pte. Ltd. Dr Ong has decided not to stand for re-election and retire to facilitate board renewal and the Company agrees and accepts Dr Ong's decision on 12 April 2024. There are no other material reasons for the retirement. Announcement • Mar 23
AsiaPhos Limited Announces the Appointment of Ong Eng Keong as Executive Director AsiaPhos Limited announced the appointment of Mr. Ong Eng Keong (Wang Rongkang) (‘Mr Ong’) as Executive Director, was recommended by the Nominating Committee and approved by the Board, after taking into consideration Mr. Ong's qualifications, expertise and past experiences. Role And Responsibilities: Executive. Business development, driving profitability and pursuing sustainable growth of the company. Working Experience: February 2023 - Present Executive Director, AP New Energy Pte. Ltd. December 2019 - July 2023 Executive Chairman/Investor, Sleek EV Pte Ltd. (formerly known as Geko Life Pte Ltd) January 2017 - May 2019 Chief Executive Officer/Co-Founder, Bondlinc Private Limited March 2010 - August 2016 Managing Director, Credit Trading, Jefferies international. Director Experience Details: Mr. Ong was a Director of Hwa Hong Corporation Limited. Professional Qualifications: BSc Economics (London School of Economics and Political Science). Appointment Date is March 22, 2024. Reported Earnings • Mar 02
Full year 2023 earnings released: S$0.004 loss per share (vs S$0.002 loss in FY 2022) Full year 2023 results: S$0.004 loss per share (further deteriorated from S$0.002 loss in FY 2022). Revenue: S$1.70m (down 30% from FY 2022). Net loss: S$3.95m (loss widened 134% from FY 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Jan 26
AsiaPhos Limited Announces International Arbitration Update AsiaPhos Limited announced that on 24 January 2024 the Group was informed by the Swiss Lawyers that the Swiss Supreme Court has turned down the appeal and ordered that it pay CHF 250,000 compensation to China. This amount will be settled from the security for cost remitted on 12 July 2023. As the appeal has not been successful, the reimbursement of China's cost awarded by the Arbitral Tribunal and the write off of the security for cost deposit will increase the Group's loss for the year ended 31 December 2023 and the net tangible liability as at 31 December 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: S$0 (vs S$0 in 3Q 2022) Third quarter 2023 results: EPS: S$0 (in line with 3Q 2022). Revenue: S$357.0k (down 34% from 3Q 2022). Net loss: S$356.0k (loss widened 50% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: S$0 (vs S$0 in 2Q 2022) Second quarter 2023 results: EPS: S$0 (in line with 2Q 2022). Revenue: S$485.0k (down 11% from 2Q 2022). Net income: S$34.0k (up S$262.0k from 2Q 2022). Profit margin: 7.0% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Jul 14
Asiaphos Limited Announces International Arbitration Update On 20 March 2023, the Group's Swiss lawyers filed an appeal to the Swiss Supreme Court seeking to set aside or the revision of the Tribunal's jurisdictional award and the legal costs awarded. China had to file a reply to the appeal on 19 June 2023. On 13 June 2023, China requested that the Swiss Supreme Court order the Group pay security for costs in the amount of CHF300,000 and that the deadline for the reply is suspended until security for costs is paid. On 7 July 2023, the Swiss Supreme Court ordered that security for costs in the amount of CHF250,000 to be paid by the Group on or before 28 August 2023. The deadline for the reply will be re-set once the security for costs is paid. On 12 July 2023, the Company has remitted CHF250,000 to its lawyers for the payment of the security for costs. The security for costs will be refunded if the Group is successful with the appeal. The Directors collectively and individually accept full responsibility for the accuracy of the information given in this announcement and confirm after making all reasonable enquiries to the best of their knowledge and belief, this announcement constitutes full and true disclosure of all material facts about the International Arbitration Tribunal Ruling, the Company and its subsidiaries, and the Directors are not aware of any facts the omission of which would make any statement in this announcement misleading. The Company will make such further announcements at the appropriate juncture, as and when there are material developments in relation to this matter. Shareholders and potential investors should exercise caution when trading in the Company's shares. Persons who are in doubt as to the action they should take should consult their legal, financial, tax or other professional advisers. Reported Earnings • May 11
First quarter 2023 earnings released: S$0.001 loss per share (vs S$0.001 loss in 1Q 2022) First quarter 2023 results: S$0.001 loss per share (in line with 1Q 2022). Revenue: S$584.0k (down 20% from 1Q 2022). Net loss: S$651.0k (loss narrowed 17% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2022 earnings released: S$0.002 loss per share (vs S$0.004 loss in FY 2021) Full year 2022 results: S$0.002 loss per share (improved from S$0.004 loss in FY 2021). Revenue: S$2.42m (up 90% from FY 2021). Net loss: S$2.19m (loss narrowed 50% from FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman Yeow Tin Goh was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: S$0 (vs S$0.002 loss in 3Q 2021) Third quarter 2022 results: EPS: S$0 (improved from S$0.002 loss in 3Q 2021). Revenue: S$543.0k (up 75% from 3Q 2021). Net loss: S$237.0k (loss narrowed 88% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 10
AsiaPhos Limited to Report Q3, 2022 Results on Nov 14, 2022 AsiaPhos Limited announced that they will report Q3, 2022 results on Nov 14, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: S$547.0k (up 416% from 2Q 2021). Net loss: S$228.0k (loss narrowed 75% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman Yeow Tin Goh was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 17
Full year 2021 earnings released: S$0.004 loss per share (vs S$0.003 loss in FY 2020) Full year 2021 results: S$0.004 loss per share (down from S$0.003 loss in FY 2020). Net loss: S$4.38m (loss widened 29% from FY 2020). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Apr 13
AsiaPhos Limited, Annual General Meeting, Apr 27, 2022 AsiaPhos Limited, Annual General Meeting, Apr 27, 2022, at 14:00 China Standard Time. Agenda: To consider Adoption of Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2021; to consider directorate reelections; to consider Re-appointment of Foo Kon Tan LLP as the Auditor of the Company; and to consider other matters. Reported Earnings • Mar 07
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S$0.005 (up from S$0.003 loss in FY 2020). Net income: S$4.70m (up S$8.09m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman Yeow Tin Goh was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2021 earnings released: S$0.001 loss per share (vs S$0.001 loss in 2Q 2020) Second quarter 2021 results: Net loss: S$921.0k (loss widened 72% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Full year 2020 earnings released: S$0.003 loss per share (vs S$0.004 loss in FY 2019) Full year 2020 results: Net loss: S$3.39m (loss narrowed 26% from FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Oct 05
MMJV Pte. Ltd. entered into non-binding term sheet to acquire AsiaPhos Limited (Catalist:5WV) in a reverse merger transaction. MMJV Pte. Ltd. entered into non-binding term sheet to acquire AsiaPhos Limited (Catalist:5WV) in a reverse merger transaction on September 29, 2020. Under the terms of the transaction, AsiaPhos shall issue and allot such number of fully paid-up ordinary shares in its capital equivalent in aggregate to SGD 72 million or 50% of the agreed valuation of MMJV. In connection with the acquisition, AsiaPhos is contemplating share consolidation, warrant issue, disposal of a factory in China and the waiver by the Securities Industry Council of Singapore of the obligation imposed upon Mining and Minerals Industries Holding Pte. and its concert parties to make a general offer of all the shares of AsiaPhos and from having to comply with Rule 14 of the Singapore Code on Takeovers and Mergers.
Transaction is subject to financial, legal and operational due diligence on MMJV by AsiaPhos, the issuance of the Valuation Report, the completion of the proposed share consolidation by AsiaPhos, the completion of the sale of AsiaPhos’s factory in the People’s Republic of China, the repayment of the outstanding loan in respect of the factory to Bohai Bank and the corresponding discharge of the corporate guarantee granted by AsiaPhos to Bohai Bank, the receipt of the SGX Pre-Clearance Approval for the matters disclosed in the pre-clearance letter, and where conditions are imposed by the SGX-ST in respect of the proposed transactions, such conditions being reasonably acceptable to AsiaPhos and Mining and Minerals Industries Holding Pte., the receipt of the necessary approvals from the shareholders and relevant regulatory authorities, including but not limited to the approval in-principle from the SGX-ST in connection with the proposed transactions, the receipt and non-withdrawal of the listing and quotation notice from the SGX-ST for, inter alia, the proposed transactions, the fulfilment of any such condition that the Securities Industry Council of Singapore may impose, the waiver by the Securities Industry Council of Singapore of the obligation imposed upon the Mining and Minerals Industries Holding Pte. Ltd and its concert parties to make a general offer of all the Shares of AsiaPhos and from having to comply with Rule 14 of the Singapore Code on Takeovers and Mergers, and the grant of the Whitewash Waiver remaining in full force and effect on and before Completion.
During the period from the date of this Term Sheet until the term sheet termination date Mining and Minerals Industries Holding and AsiaPhos shall not solicit any third parties in connection with a possible acquisition of the sale shares or the acquisition of another target. The term sheet shall automatically terminate if the definitive agreements are not executed by October 31, 2020. The long-stop date for completion shall be 1 year from the date of the definitive agreements. 
