Malaysia’s King, Sultan Ibrahim Iskandar, bought a stake in local miner Southern Alliance Mining Ltd for $6.1 million, the company said in a statement.
The acquisition comes as Singapore-listed Southern Alliance Mining, an iron ore miner, expands into Malaysia’s rare earths sector, including a project in Johor, the home state of the Malaysian king.
Sultan Ibrahim bought 2.25% of the firm’s issued shares from its managing director Pek Kok Sam at $0.425 per share, almost a 12% premium to the closing market price of $0.380 on Oct 12.
The company said in the statement late on Oct 12 that it was not a party to the transaction and didn’t receive any proceeds. BLOOMBERG
