<div class=newsTextDataWrapInner>SINGAPORE (April 4): Over the last 20 years, Ivan Chee Yew Fei has been involved in various industries as founder and CEO of Webcon, a privately held diversified company in Malaysia. He led the company to expand into engineering and construction, property development, mining, trading of heavy machinery and investment holding. Now, as iron ore prices remain firm, Chee intends to grow the mining business under newly incorporated Fortress Minerals — by listing the latter on the Catalist board of the Singapore Exchange.</div>

<div class=newsTextDataWrapInner>Fortress Minerals is a high-grade iron ore concentrate producer based in Terengganu, Malaysia. Through its wholly-owned subsidiary, Fortress Mining (previously known as Webcon Mining), the company operates an open pit mine at Bukit Besi, near&nbsp; Kemaman Port.</div>

<div class=newsTextDataWrapInner>The Bukit Besi mine contains iron ore concentrate with a total iron grade of 65% and above. This enables the iron ore to fetch a relatively higher price on the market. The company sells most of the iron ore to trading companies and steel mills in Malaysia and China for the production of iron ore pellets and sinter.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><a href="https://www.theedgesingapore.com/?q=iron-miner-fortress-minerals-lists-digs-meet-further-demand-china" target="_blank">To read the full story, visit www.theedgesingapore.com.</a></div>

Over the last 20 years, Ivan Chee Yew Fei has been involved in various industries as founder and CEO of Webcon, a privately held diversified company in Malaysia. He led the company to expand into engineering and construction, property development, mining, trading of heavy machinery and investment holding. Now, as iron ore prices remain firm, Chee intends to grow the mining business under newly incorporated Fortress Minerals — by listing the latter on the Catalist board of the Singapore Exchange.

Iron miner Fortress Minerals lists; digs in to meet further demand from China

Here is a brief recap of the business news and corporate announcements that made the headlines on Tuesday.

Binastra Corp, Mah Sing, T7 Global, JF Technology, VS Industry, Solarvest Holdings, Magni-Tech Industries

Financially distressed MMAG Holdings Bhd (KL:MMAG) has taken a step forward in its recovery efforts by securing a partnership with Malaysia Airlines Bhd.

MMAG signs deal to serve as MASKargo's exclusive freighter operator

Wall Street's main indexes were subdued in choppy trading on Tuesday after the S&P 500 and the Nasdaq notched record high levels in the last session, with focus on a crucial jobs report later this week along with more data and commentary from Federal Reserve officials.

Wall Street muted with focus on more data, US Fed commentary

Despite widespread concern that generative AI could interfere with major elections around the globe this year, the technology had limited impact across Meta Platforms' apps, the tech company said on Tuesday.

Meta says gen AI had muted impact on global elections this year

US job openings increased moderately in October while layoffs declined, suggesting the labour market continued to slow in an orderly fashion.

US job openings rise in October, layoffs decrease

Singapore and Australia agreed on Tuesday to seek opportunities for increased access to their respective defence facilities, including more frequent Australian visits to the city-state's air force and navy bases.

Australia, Singapore agree to seek expanded access to their defence facilities

Chinese companies should be wary of buying US chips as they are "no longer safe" and buy locally instead, four of the country's top industry associations said on Tuesday in a rare coordinated response to Washington's curbs on Chinese chipmakers.

US chips are 'no longer safe,' Chinese industry bodies say in latest trade salvo

Investment company Abrdn plc, formerly known as Aberdeen Asset Management plc, has emerged as a substantial shareholder in Feytech Holdings Bhd (KL:FEYTECH), after raising its stake to 5.21% or 43.91 million shares.

Abrdn emerges as substantial shareholder in Feytech

Cloudpoint Technology Bhd (KL:CLOUDPT) said it has secured a RM33.6 million contract to implement advanced integrated service management automation (ISMA) solutions from a local bank.

Cloudpoint Technology bags management automation solutions contract from local bank

The founding couple of FashionValet Sdn Bhd (FashionValet), who have been linked to the investment losses of Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB), will be charged at the Kuala Lumpur Sessions Court on Thursday.

FashionValet founders to be charged on Thursday, says MACC chief

China has banned exports to the US of items related to the minerals gallium, germanium and antimony that have potential military applications, its commerce ministry said on Tuesday, a day after Washington's latest crackdown on China's chip sector.

China bans export of key minerals to US as trade frictions escalate

South Korean President Yoon Suk Yeol on Tuesday declared martial law in a surprise late-night TV address, slamming domestic political opponents and sending shockwaves through the country.

South Korea President Yoon declares martial law, slams domestic opponents 

The founding couple of FashionValet Sdn Bhd (FashionValet), who have been linked to the investment losses of Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB), will be charged at the Kuala Lumpur Sessions Court on Thursday.

Indonesia is expecting to get a US$1 billion (RM4.47 billion)&nbsp;investment commitment from tech firm&nbsp;Apple&nbsp;Inc&nbsp;in a week, its investment minister said on Tuesday, after the government banned iPhone 16 sales for failing to meet local content rules.

Indonesia expects US$1b investment commitment from Apple in a week, in response to iPhone 16 sales ban

Lawyer and former de-facto law minister Datuk Zaid Ibrahim said the then Malaysian Bar president Karen Cheah Yee Lynn should have asked him and his partners, Liew Teck Huat and Rueben Mathiavaranam, for their views before issuing a statement on Aug 19, 2022, complaining of their conduct in former prime minister Datuk Seri Najib Razak’s final appeal in the SRC International Sdn Bhd criminal case.

Zaid Ibrahim says past Bar president ‘jumped the gun’ to issue statement against him and law partners

Vehicle owners must be more attentive to announcements regarding recall for inspection by the Road Transport Department (JPJ), said Transport Minister Anthony Loke.

Vehicle owners told to take JPJ’s recall announcements seriously 

Datuk Seri Najib Razak took aim at Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) Nur Aida Arifin’s testimony, saying that her assertions were “deranged”, “deluded” and coming from someone “unversed” with diplomacy.

Najib: MACC IO deranged, deluded and unversed with diplomacy to suggest I had G2G meeting on yacht 

Datuk Seri Najib Razak said that he was not sure how fugitive businessman Low Taek Jho (Jho Low) obtained his personal mobile phone number, but because he was the prime minister back then, many Malaysians would have the phone number.

1MDB-Tanore: Najib unsure how Jho Low obtained his mobile number

VS Industry Bhd’s latest quarterly net profit dropped 37.53%, mainly due to lower sales orders from existing customers, unfavourable foreign exchange (forex) rates and higher labour costs as a result of an increase in headcount.

VS Industry’s 1Q net profit drops 38% on lower sales orders; declares 0.4 sen dividend 

Solarvest Holdings Bhd (KL:SLVEST) has proposed to acquire a 30% stake in Penang-based SIW Manufacturing Sdn Bhd (SMSB) to expand its presence in the clean energy and sustainable technology ecosystems.

Solarvest buys 30% stake in waste gas abatement machine manufacturer

Former prime minister Datuk Seri Najib Razak said he had no knowledge of the central bank's "remarkably swift approval" of the US$1 billion that was transferred out of the country in 2009.

Testifying in his own defence at the 1MDB-Tanore trial — so named as the trial involves 1Malaysia Development Bhd's (1MDB) dealings with Tanore Finance Inc, a company allegedly used to channel funds from 1MDB to Najib — Najib said it would have been reasonable for Bank Negara Malaysia (BNM) to raise concerns over such a sizeable remittance, but noted this was not done.

Najib says BNM's approval for US$1 bil remittance in 2009 was 'remarkably swift'

TMK Chemical Bhd's initial public offering (IPO) has attracted strong demand, with its new shares offered to the Malaysian public oversubscribed by 14.28 times.

Main Market-bound TMK Chemical's IPO oversubscribed by 14.28 times 

Magni-Tech Industries Bhd (KL:MAGNI), another cash-rich company on Bursa Malaysia, has declared a special dividend with the release of its latest second quarter results, which saw net profit rising 18.74% on higher revenue.

Magni-Tech declares 23 sen dividend, including 20 sen special as 2Q profit jumps

Datuk Seri Najib Razak said he only learnt of a bond flip involving the first debt issued by 1Malaysia Development Bhd (1MDB) when it was known as the Terengganu Investment Authority (TIA), and how the proceeds of that flip went to Low Taek Jho (Jho Low) during the course of the 1MDB-Tanore trial.

1MDB-Tanore: Najib says he only learnt details of 2009 bond flip during trial

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.

FBM KLCI up 0.72% to 1,606.96 on Dec 3, 2024

The Life Insurance Association of Malaysia (Liam) said it is still in discussion with Bank Negara Malaysia (BNM) about measures that can be taken to ease the burden on policyholders following the unprecedented rise in medical claims over the past few years.

Insurers say still in talks with BNM over recent hikes in medical insurance premiums

Former prime minister Datuk Seri Najib Razak said he never pressured or ordered 1Malaysia Development Bhd (1MDB) to finalise a joint venture (JV) with PetroSaudi International Ltd (PSI).

Najib says he never pressured 1MDB to enter into JV with PetroSaudi 

The government is set to introduce a cost of living indicator (IKSH) to design more targeted subsidy programmes aligned with the specific needs and spending habits of Malaysians, said Domestic Trade and Cost of Living (KPDN) Minister Datuk Armizan Mohd Ali.

Putrajaya to introduce cost of living indicator to boost delivery of targeted subsidies — minister

Computer chip equipment maker ASML said it does not expect new US&nbsp;restrictions on semiconductor exports to China, announced on Monday, to affect its most recent financial guidance.

ASML not changing guidance after new US crackdown on Chinese chip exports

Intel former CEO Pat Gelsinger could get as much as US$12 million (RM53.6 million) as payout, a regulatory filing showed on Tuesday, following his ouster from the struggling US chipmaker.