Martino to chair Pan Asia Corp

High profile accountant Domenic Martino will be joining Pan Asia Corporation as chairman once the company completes its acquisition of Innovation West.

In October last year, Pan Asia - formerly Sam's Seafood Holdings - announced it would acquire Innovation West, which has agreements that cover four manganese projects in West Timor and Indonesia.

The value of the acquisition is $US100,000 cash and the issue of 300 million shares in Pan Asia.

Pan Asia is also providing a $US1.5 million loan to Innovation West.

The acquisition is currently under due diligence.

Pan Asia said today that Mr Martino will be joined on the board by and Indonesian representative of one of the projects being acquired.

Mr Martino previous roles include chief executive of Deloitte Australia and chairman of Sydney Gas. He is also on the boards of several resource companies.