Malaysian King buys stake in miner expanding into rare earths
Firm is expanding into Malaysia’s rare earths sector, including a project in his home state, Johor.
Malaysia's Sultan Ibrahim Iskandar has acquired a 2.25% stake in Singapore-listed mining firm Southern Alliance Mining (SAM) in an off-market deal with the company's managing director and controlling shareholder, Pek Kok Sam. The deal, valued at S$6.1 million, occurred at S$0.425 per share, which is an 11.84% premium to the firm's Monday closing price of S$0.380 per share.
This investment comes as SAM expands its presence in Malaysia's rare earths industry, where it holds a 40% stake in MCRE Resources, a pioneering rare earths mining site in Perak state. The transaction did not involve SAM's board, management, or operations, with Pek Kok Sam retaining control over the company. Southern Alliance Mining is also planning to acquire Paramount Synergy, a firm involved in a rare earths project in Johor state.
Sultan Ibrahim, who ascended the throne in January 2024, is expected to serve as king for five years under Malaysia's unique rotational monarchy system.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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