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Malaysia’s king has acquired a 2.25% stake in Singapore-listed Southern Alliance Mining (SGX: QNS), paying a premium in an off-market deal with the firm’s managing director and controlling shareholder Pek Kok Sam, the company said.
The S$6.1 million ($4.76 million) deal comes as the iron ore producer expands its presence in Malaysia’s rare earths industry.
Sultan Ibrahim acquired the stake at S$0.425 per share, a premium of about 11.84% to the October 12 closing price, the firm said in a bourse filing late Monday.
SAM holds a 40% stake in MCRE Resources, which operates Malaysia’s pioneer rare earths mining site in Perak state.
The transaction did not involve the company itself, with Pek remaining its controlling shareholder, it said.
It also would not result in changes to the group’s board, management or operation.
The firm is also planning to acquire Paramount Synergy Sdn Bhd, which is involved in a rare earths project in Johor state, SAM said.
Sultan Ibrahim, who is from Johor, ascended the throne in January 2024 and is expected to serve as king for five years under Malaysia’s unique rotational monarchy system.
Johor’s royal press office did not immediately respond to a request for comment.
($1 = 1.2804 Singapore dollars)
(Reporting by Rozanna Latiff; Editing by Martin Petty)
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