KUALA LUMPUR (Oct 13): His Majesty Sultan Ibrahim Sultan Iskandar, King of Malaysia, bought a stake in miner Southern Alliance Mining Ltd (SAM) for S$6.1 million (US$4.8 million), according to a statement on Tuesday.

The acquisition involved approximately 2.25% of the company's issued shares, totalling 14.32 million ordinary shares, purchased from managing director Datuk Sri Pek Kok Sam through an off-market married deal on  Oct 12. 

The shares were acquired at S$0.425 per share, representing a premium of approximately 11.84% to the closing market price of S$0.380 per share on the same date.

SAM,  listed on the Catalist Board of Singapore Exchange since June 26, 2020, under the ticker SGX:QNS, was not a party to the transaction and did not receive any proceeds from the acquisition. 

Following the share transfer, Pek continues to directly hold 55.74% of the company's issued shares, with an effective shareholding of approximately 56.66%, and remains the controlling shareholder and managing director. 

"The Share Transfer does not result in any changes to the Group’s management, operations or strategic direction. The composition of the Board of Directors and senior management remains unchanged," read the statement.

SAM has maintained an established mining presence in Johor through its flagship Chaah Mine and developed a diversified mining business with a growing presence in rare earth elements. 

In September 2025, the group completed the acquisition of a 40% equity interest in MCRE Resources Sdn Bhd, marking its entry into the rare earths sector. 

The group is also pursuing the proposed acquisition of Paramount Synergy Sdn Bhd, associated with the Labis rare-earth project in Johor. 

This diversified strategy positions the group to participate in growing demand for critical minerals driven by global electrification, renewable energy, and advanced manufacturing.