King of Malaysia Acquires Stake in Southern Alliance Mining

Sultan Ibrahim Iskandar, the King of Malaysia, acquired a 2.25% stake in Southern Alliance Mining (SAM), a Singapore-listed iron ore producer. The off-market transaction was valued at S$6.1 million, with the King paying S$0.425 per share, a premium of approximately 11.84% over the closing price on October 12.

The investment was conducted with Pek Kok Sam, the managing director and controlling shareholder of the firm. Southern Alliance Mining stated the deal does not involve the company itself and will not result in changes to the group's board, management, or operations.

The acquisition occurs as the company expands its rare earths operations within Malaysia. Southern Alliance Mining currently holds a 40% stake in MCRE Resources, which operates a pioneer rare earths site in Perak state, and intends to acquire Paramount Synergy for a project in Johor state.