AsiaPhos Limited (SG:5WV) has released an update.
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AsiaPhos Limited has announced that its subsidiary, Sichuan Mianzhu Norwest Phosphate Chemical Co., Ltd., is facing a legal claim of RMB 7.7 million from Huili County Jiahong Chemical Co., Ltd., related to cleanup work from the Wenchuan Earthquake. The claim has resulted in a bank account freeze and could have a significant adverse financial impact on the Group’s earnings. Shareholders are urged to exercise caution when dealing with the company’s securities.
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