The Asiaphos Story: Our History
AsiaPhos was incorporated in Singapore under the Singapore Companies Act on 3 January 2012 with the name AsiaPhos Private Limited, as a private limited company limited by shares. We undertook a restructuring exercise whereby our Company acquired 100% shareholding interest in Norwest Chemicals and became the holding company of our Group.
On 7 October 2013, AsiaPhos was listed on Catalist of the Singapore Exchange under the name AsiaPhos Limited.
The following list summarises the significant events in our corporate history.
- 1996 - 1997
Our business commenced with the incorporation of Norwest Chemicals in Singapore. We then acquired a 60% equity interest in Mianzhu Norwest in a sino-foreign joint venture with our then PRC business partner. Mianzhu Norwest is a PRC incorporated company with ISO 9001 certification.
We commenced our downstream processing operations at Hanwang Town, Mianzhu City, Sichuan Province, PRC, using phosphate rocks obtained from third parties, and produced P4, thermal phosphoric acid and SHMP.
- 1998 - 1999
We believe that we were the first to produce heavy-density STPP in the PRC. We believe that granular heavy-density STPP commands higher commercial value than powder low-density STPP as the former has wider applications. We are able to produce over 10 different food and industrial-grade products. This provides us with the flexibility to vary our product mix according to market demands to maximise gross margins.
Mianzhu Norwest attained ISO 9001 (2000) and 14001 environmental management system certification. We believe that we were one of the few phosphate-based chemicals producer in PRC to receive such accreditation at the time.
As part of our vertical integration strategy, we entered into a mine transfer agreement to acquire two (2) mining rights at Mianzhu City, Sichuan Province, PRC, namely our current mines at Cheng Qiang Yan deposit (CQY) and Shi Sun Xi deposit (SSX) (collectively, the "Mines"). We commence extraction of phosphate rocks at CQY.
With the acquisition of our mines, we became a vertically-integrated producer of phosphate-based chemical products with phosphate mines and downstream capacity for phosphate-based chemical products.
We also acquired the entire equity interests of Mianzhu Norwest from our then PRC business partner and became a wholly foreign-owned enterprise in 2003. This is a significant milestone for us as mineral resources in the PRC are typically held by PRC enterprises.
We commence extraction of phosphate rocks at Mine 2 upon completion of our mining preparatory work.
Our mining operations were disrupted by the 7.9 magnitude earthquake that occurred in the immediate vicinity of our business operations in Sichuan Province, PRC on 12 May 2008 (the "Wenchuan Earthquake"). Access roads to and infrastructure surrounding the Mines and our production facilities were affected and lives lost as a result of the Wenchuan Earthquake.
We received the exploration certificates issued by the PRC authorities for the Mines for increased mining depth within, and covering additional areas outside of, the area already licensed for mining.
We acquired 2 new sites situated at Gongxing Industrial Zone, Mianzhu City, Sichuan Province, PRC as part of our plans to relocate, rebuild and expand our downstream processing facilities. The 2 new sites, totalling approximately 148,000 square metres, will be able to accommodate our primary and downstream processing activities.
We undertook recovery efforts to restore our operations, including the full settlement of compensation to all our employees affected by the Wenchuan Earthquake in accordance with applicable PRC laws and regulations.
Access roads to the Mines were re-opened in the first half of 2010 and we begin the restoration of the surface facilities of our mines.
We commenced construction of our two (2) new P4 furnaces of a designed capacity of 10,000 tonnes of P4 each at the Gongxing Facilities.
We also obtained the Kosher certification in respect of our thermal phosphoric acid, SHMP and STPP.
We commenced the planned relocation to Gongxing Industrial Zone.