What is AsiaPhos proposing to buy in Perth?

AsiaPhos has signed a non-binding letter of intent to acquire 51% of DC Alliance Pte Ltd, the Singapore company that owns Perth’s Pier DC, for about A$7.65 million, valuing the business at A$15 million. The deal is early and conditional, subject to due diligence, binding agreements, fundraising, an AsiaPhos shareholder vote and Australian foreign investment approval. Pier DC is a Tier III certified facility at 1 Martin Place, Canning Vale, a member of Western Australia’s GovNext-ICT panel, running about 700kW of live IT load with a stated path to 8MW.

Why is the deal size significant?

The A$7.65 million price for a half-stake is close to AsiaPhos’s entire market value of about S$7.25 million as of 26 May 2026. A company that size cannot pay from cash, and the deal depends on AsiaPhos raising the funds, which it could do through new shares issued at as little as one Singapore cent. Its auditors have also flagged doubt over its ability to keep operating. That makes funding and completion risk a central feature of the transaction rather than a footnote.

Is China Mobile involved in the acquisition?

AsiaPhos disclosed no ownership or operational role for China Mobile International in the Pier DC deal. The two signed a non-binding letter of intent in February 2026 under which China Mobile would introduce data centre and AI customers and act as a preferred supplier for build work. China Mobile International is the overseas arm of China’s state-owned carrier. Because Pier DC hosts government workloads, the purchase is conditional on Australian Foreign Investment Review Board approval, which AsiaPhos lists in its term sheet.

A sub-cent Singapore microcap is bidding for control of Perth’s Pier DC

The bid

AsiaPhos, a Singapore-listed company that used to mine phosphate in China, has signed a non-binding letter of intent to buy 51% of Perth’s Pier DC. It would pay about A$7.65 million, which values the data centre business at A$15 million. The sellers are the group of Singapore investors who have owned Pier DC since 2020.

Here is the catch. AsiaPhos is worth about S$7.25 million, its shares trade at under a cent, and its auditors have flagged doubt over whether it can keep operating. The price is close to the size of the entire company, and AsiaPhos does not have the money. It would have to raise the funds, and could pay in new shares issued at as little as one Singapore cent. The deal is also early and may not happen. It is non-binding, runs on a 90-day exclusivity window, and still needs due diligence, Australian foreign investment approval and a vote of AsiaPhos’s own shareholders.

The asset is real but small. Pier DC is a Tier III certified facility in Canning Vale, on Western Australia’s GovNext panel, running about 700kW of live IT load with a plan to reach 8MW. AsiaPhos has no track record of running data centres, and is leaning on a separate, non-binding tie-up with state-owned China Mobile International to bring in AI and data centre customers.

The bid is small and speculative, wrapped in AI and hyperscale language, and it may never complete. Two things still make it worth following. It is the first time AsiaPhos’s China Mobile pipeline has pointed at Australian soil, and it puts a foreign-investment and data-sovereignty test in front of a facility that hosts WA government workloads. The capital building Perth’s real gateway, from operators like NEXTDC chasing Australia’s 12-to-18-month AI infrastructure window, runs at a different order of size.

The detail

AsiaPhos would buy 51% of DC Alliance Pte Ltd, the Singapore company that owns Pier DC outright through an Australian subsidiary, at 1 Martin Place, Canning Vale. The sellers are DC Alliance’s existing owners, none of them connected to AsiaPhos. One of them, the Singapore-listed construction firm Figtree Holdings, is using the deal to halve its stake from about 26% to roughly 13%. The asset was Australian to begin with. Pier DC was founded in 2014 and built out from a warehouse into a certified data centre before the Singapore investors bought it in 2020.

The term sheet carries more than a price. AsiaPhos would itself become a tenant, taking up to 1MW at Pier DC, and would hold options to expand the site by at least another 6MW. It also secures a five-year first right over any future AI and robotics fundraising by Pier DC’s founder, Roy Wong, which ties the two camps together well beyond this building. AsiaPhos has put down a refundable S$200,000 deposit for 90 days of exclusive talks. Completion still depends on raising the money, clearing the target’s existing debts, extending the land lease and signing binding agreements.

The contrast with Perth’s actual growth is stark. SUBCO’s SMAP hypercable lands this year, and the Indian Ocean corridor into Perth already carries INDIGO West, the Australia-Singapore Cable and SEA-ME-WE3, as we set out in our reading of Australia’s 15-cable subsea map. NEXTDC alone can deliver more than 30MW across its Perth facilities, in a market that held about 178MW of capacity at the end of 2023.

AsiaPhos links the bid to its February tie-up with China Mobile International, the overseas arm of China’s state-owned carrier, under which China Mobile would introduce customers and act as a preferred supplier. AsiaPhos disclosed no ownership or operational role for China Mobile in the Perth deal. The approvals are the part to watch. AsiaPhos’s own term sheet makes completion conditional on a green light from Australia’s Foreign Investment Review Board, and a foreign company taking control of a facility that hosts government workloads is exactly what that review exists to test.

The AI-infrastructure framing lifted AsiaPhos’ shares about 13% in February. The five-year first right over Roy Wong’s future AI and robotics fundraising shows AsiaPhos is also assembling a listed vehicle for a pipeline of deals, with Pier DC as the first. China Mobile takes a position of commercial access without the equity that would invite a block.