Bird & Bird ATMD advises Southern Alliance Mineral on strategic stake acquisition in MCRE Resources
Contacts
Bird & Bird ATMD is acting for SGX listed company, Southern Alliance Mineral Ltd (“SAM”) in the acquisition of a strategic stake in Malaysian company, MCRE Resources Sdn Bhd which is engaged in the exploration, mining, processing and sale of ion adsorption clay rare earth materials in Malaysia.
The proposed acquisition marks SAM's strategic entry into the rare earth elements sector and enables the Group to diversify its revenue sources in addition to the Group's iron ore mining and gold exploration. Purchase consideration totals RM242.4 million. Upon completion, SAM, through its wholly owned subsidiary SAM Advance Minerals, will hold a 40% stake in MCRE Resources.
The deal was led by Corporate Partner Marcus Chow and supported by Counsel Jolie Giouw, and Associates Luke Oon, Shae-Yenne Eu and Xing Yi Tan.