KUALA LUMPUR : Sultan of Johor Sultan Ibrahim Ibni Almarhum Sultan Iskandar’s proposed gold mining joint venture (JV) with Singapore-listed Southern Alliance Mining Ltd today received 100% shareholder approval at Southern Alliance’s extraordinary general meeting (EGM).
In a Singapore Exchange filing today, Southern Alliance executive director and chief executive officer Datuk Seri Pek Kok Sam said the proposed gold mining JV received 100% shareholder approval based on the total number of shares at 410.002 million represented by shareholders who voted for the gold mining JV.
“Entrust Advisory Pte Ltd was appointed as the company’s (Southern Alliance) scrutineer for the EGM. No party was required to abstain from voting on any resolution at the EGM,” Pek said.
According to him, Southern Alliance’s EGM today involved three resolutions which included the company’s proposed business diversification a a result of the gold mining JV besides another resolution on the planned adoption of the firm’s share-purchase mandate.
Southern Alliance, which is already an iron ore miner, initially announced its proposed gold mining JV with Sultan Ibrahim in a July 16, 2021 filing with the Singapore Exchange.
In the filing, Pek said Southern Alliance on that today entered into the JV agreement with Sultan Ibrahim
to establish a JV company in which Southern Alliance and Sultan Ibrahim will hold 85% and 15% stakes respectively.
“In connection with the JV, the company (Southern Alliance) on July 16, 2021 entered into a mining operator agreement with (Sultan Ibrahim) pursuant to which the JV company shall carry out exploration work for gold and any other mineral or deposits and/or mining activities at the Tenggaroh mine, Johor,” Pek said.
By : Sulhi Khalid – THE EDGE MARKETS