Malaysia's Supreme Head of State Ibrahim Iskandar bought some of the shares in the local mining company Southern Alliance Mining Ltd. The company said in a statement that the transaction amount was S$6.1 million. The acquisition coincides with the expansion of Singapore-listed iron ore mining company Southern Alliance Mining into the Malaysian rare earth sector. The company is also developing a project in Johor, the home state of the Supreme Head of State. Ibrahim bought 2.25% of the company's issued shares, at S$0.425 per share, from the company's general manager, Pek Kok Sam, a nearly 12% premium over Monday's closing price of S$0.380. The company said in a statement issued on Monday evening that the company was not a participant in the deal and did not receive any revenue from it.

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