ASF Group Limited entered into a sale and purchase agreement to acquire an additional 13.4% stake in ASF Resources Pty Limited from Zhen Li, Ai Ming Tian and another seller for AUD 4.8 million.

ASF Group Limited (ASX:ASF) entered into a sale and purchase agreement to acquire an additional 13.4% stake in ASF Resources Pty Limited from Zhen Li, Ai Ming Tian and another seller for AUD 4.8 million in stock on February 2, 2015. The consideration will be satisfied by the issue and allotment of 21.7 million ASF ordinary shares. Zhen LI would get 2.42 million ASF Group shares of consideration AUD 0.53 million in exchange of 1.54 million shares of ASF Resources, Ai Ming would get 1.94 million ASF Group shares of consideration AUD 0.43 million in exchange of 1.23 million shares of ASF Resources and the third seller would get 17.3 million shares of consideration of AUD 4.77 million in exchange of 11 million shares of ASF Resources.

The shares issued under the agreement will be subject to an escrow period for 12 months from their date of issue. Upon completion of the transaction, ASF will hold 67.09% of ASF Resources Pty Limited.