Sultan Ibrahim acquires Southern Alliance Mining stake for S$6.1 million
The purchase covered approximately 2.25% of the miner’s issued shares, with managing director Datuk Sri Pek Kok Sam selling the stake.
An Oct 12 share purchase worth S$6.1 million (US$4.8 million) gave His Majesty Sultan Ibrahim Sultan Iskandar, King of Malaysia, approximately 2.25% of Southern Alliance Mining Ltd (SAM), according to the company. Managing director Datuk Sri Pek Kok Sam sold 14.32 million ordinary shares in the off-market married deal.
The transaction price of S$0.425 for each share was approximately 11.84% higher than the Oct 12 market close of S$0.380 per share. SAM said it received no proceeds and was not involved as a party to the deal.
Pek’s direct holding following the sale is 55.74%, while his effective interest is approximately 56.66%. He retains both his controlling-shareholder status and managing director role. According to SAM, the transfer does not alter its operations, management or strategic direction, or the membership of its board and senior management.
SAM’s listing on Singapore Exchange’s Catalist Board dates to June 26, 2020, with the ticker SGX:QNS. Its mining presence in Johor includes the flagship Chaah Mine.
The group entered rare earths through a purchase of a 40% equity interest in MCRE Resources Sdn Bhd, completed in September 2025. It is also pursuing an acquisition proposal for Paramount Synergy Sdn Bhd, which is associated with Johor’s Labis rare-earth project.
