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This week, Southern Alliance Mining (SAM) put out a bourse filing that Malaysia’s king, Sultan Ibrahim Iskandar, had bought a stake in the Johor-based miner.
Sultan Ibrahim of Johor took up 2.25% in Singapore-listed SAM on Monday.
He paid S$6.1 million (about RM19.5 million) for 14.3 million shares at S$0.425 apiece, making it an 11.84% premium to the day’s close.
This was a transaction between Sultan Ibrahim and SAM’s founder and controlling shareholder, Pek Kok Sam. The company itself was not a party to it.
While the figure may seem large, it’s a small sum for a billionaire king, and the move is more than just a punt on a penny miner.