ASIA RESOURCES HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(incorporated in Bermuda with limited liability)
(Stock Code: 899) UPDATE ON THE DEVELOPMENT OF THE INDONESIAN MINE BUSINESS AND THE PHARMACEUTICAL BUSINESS IN THE PRC
This announcement is made by Asia Resources Holdings Limited (the "Company" together with its subsidiaries, the "Group") pursuant to the Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and Rule 13.09 of the Listing Rules.
The board of directors of the Company (the "Board") wishes to provide an update on the Group's mining business in Indonesia and pharmaceutical business in the People's Republic of China (the "PRC").
References are made to the Company's announcements on 24 January 2014, 29 April 2014 and 2 May 2014 and the circular on 8 September 2014 which provided an update on the development of the Group's mining business in Indonesia.
In response to the heightened minimum purity requirement of the iron sand for export as imposed by the Indonesian Government, PT. Asia Resources Sejahtera ("ARS"), a non- wholly-owned subsidiary of the Company, is currently undergoing the application process for the IUP OPK for Processing (Indonesia's mining company operation license for processing) (the "IUP OPK License") to set up an iron sand processing factory to refine iron sand before exporting the same. Under the Group's plan, the processing factory will commence operation before the end of 2014 and the iron sand will be supplied to ARS by PT. Dampar Golden International, another non-wholly-owned subsidiary of the Company in Indonesia.
* For identification purposes only
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However, due to the recent Indonesian Presidential Election, the Company is currently expecting delay for ARS to obtain the IUP OPK license. At present, ARS is unable to ascertain when the results of the application will be known. Consequently, the production and export of sponge iron will be suspended until the said license is obtained.
PHARMACEUTICAL BUSINESS UPDATE
Reference is made to the Company's announcement on 10 July 2014 in which the Board announced their decision to suspend the operation of the production plant for the Company's pharmaceutical operation in Siping, the PRC (the "Siping production plant") until the market condition is improved.
After implementation of the new cost control policy of the Siping production plant by reducing the staff cost and tendering lower raw material cost; and having considered the recent market conditions with recent trend of recovery of the price level of the pharmaceutical infusion solution, the Board is pleased to announce that the Siping production plant has resumed full operation again since 4 October 2014.
The Company will further update the shareholders of the Company and its potential investors as and when appropriate.
By Order of the Board
Asia Resources Holdings Limited Chim Kim Lun RickyChairman
Hong Kong, 10 October 2014
As at the date of this announcement, the Board consists of five executive Directors, Mr. Chim Kim Lun, Ricky, Mr. Cheung Kai Kwong, Mr. Yeung Yiu Bong, Anthony, Mr. Lu Jianling and Mr. Lin Chengdong; one non-executive Director, Mr. Tong Leung Sang; and three independent non-executive Directors, Mr. Zhang Xianlin, Mr. Lum Pak Sum and Mr. Kwok Hong Yee, Jesse.
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