On the last trading day of the year, Sapphire Corp announced that it has entered into conditional sale and purchase agreements (collectively, the “SPAs”) with each of China Vanadium Titano-Magnetite Mining Company Limited (“CVT”) and Toe Teow Heng (“TTH”) relating to its mining services business, Mancala. Is this a positive or negative development? What are the implications? Let’s take a closer look. Disposal of Mancala and its implications Subject to the terms and conditions of the SPAs, CVT and TTH have agreed to acquire 49% and 32% of the issued and paid up capital of Mancala Holdings for a purchase consideration of HKD38.2m and HK$25m respectively. Please refer to the SGX announcement for more information on the details of the SPAs and their conditions of the proposed transaction (click HERE). Implications of this disposal In my opinion, there are several takeaways from this announcement.

1. a) Previously, ...

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