Italian-Thai Development to sell 90% stake in Asia Pacific Potash Corp
Bangkok-based construction firm Italian-Thai Development (ITD) is looking to sell 90% of its stake worth US$500 million or 17.9 billion baht in Asia Pacific Potash Corporation (APPC), which has mining rights in Thailand.
According to a Bloomberg report on Thursday, people familiar with the matter told the media outlet that ITD is working with an adviser and talking with potential buyers, including from China.
ITD acquired APPC in 2006, which has exploration and development rights to high-grade potash deposits in the northeastern province of Udon Thani.
APPC applied to the government for rights to the 10,500-acre site in 2003, but it wasn’t until 2022 that it received official approval to operate the project for 21 years. The company has an annual capacity to mine 2 million tonnes of potash.
