Malaysia’s King Sultan Ibrahim Iskandar has acquired a 2.25% stake in Southern Alliance Mining Ltd for S$6.1 million ($4.8 million), the company announced. The purchase, made from Managing Director Pek Kok Sam at S$0.425 per share, represents a nearly 12% premium over the market closing price of S$0.380. The transaction occurs as the Singapore-listed iron ore miner expands into Malaysia’s rare earths sector, notably through a project in Johor, the king’s home state.
Southern Alliance Mining stated it was not involved in the deal and received no proceeds. The move signals growing royal and investor interest in the country’s rare earth potential.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing