King buys stake in mining firm expanding into rare earths

As the Yang di-Pertuan Agong, Sultan Ibrahim has expanded his business interests to include mining, particularly in the field of rare earths. The monarch recently purchased a 2.25% stake in local miner Southern Alliance Mining Ltd for S$6.1 million (RM19.45 million), a deal valued at nearly a 12% premium over the stock's closing price.

Sultan Ibrahim acquired the shares from Southern Alliance Mining's managing director, Pek Kok Sam, at S$0.425 per share. Following the transaction, Southern Alliance Mining's shares rose by 10.5% to S$0.42 in Singapore. The monarch, who is serving a five-year term as king in Malaysia's rotating monarchy system, has wide business interests spanning real estate, telecommunications, and infrastructure.

Southern Alliance Mining is currently expanding its operations into rare earths, including a project in Sultan Ibrahim's home state of Johor. The mining firm has also expressed interest in acquiring Paramount Synergy Sdn Bhd for a rare earth project in Johor. Malaysia aims to become a globally competitive player in the rare earths industry, attracting foreign miners and refiners.

The country already hosts Australia’s Lynas Rare Earths Ltd and has foreign conglomerates like Berjaya Corp Bhd exploring projects.