KUALA LUMPUR: The Yang di-Pertuan Agong bought a stake in local miner Southern Alliance Mining Ltd, which is expanding into rare earths, including through a project in his home state of Johor.
Sultan Ibrahim bought a 2.25% stake in Singapore-listed Southern Alliance Mining, an iron ore miner, for S$6.1 million (RM19.45 million), the company said in a statement.
He acquired the shares from the firm’s managing director Pek Kok Sam at S$0.425 each, almost a 12% premium to Monday’s closing price, the company said.
Shares of Southern Alliance Mining rose 10.5% to S$0.42 in Singapore early today.
Sultan Ibrahim has wide business interests spanning real estate, telecommunications and infrastructure, mainly through his shareholdings in various enterprises.
He is serving a five-year term as king under Malaysia's unique rotating monarchy, in which nine hereditary rulers take turns holding the throne.
A representative of Istana Negara did not immediately respond to requests for comment on Tuesday.
In September 2025, Southern Alliance Mining acquired 40% of MCRE Resources, which partnered with China Rare Earth Corp for a rare earth mining operation in Perak.
Southern Alliance Mining is also pursuing a proposed acquisition of Paramount Synergy Sdn Bhd for a rare earth project in Johor as it positions itself at the forefront of the emerging sector.
It has maintained a mining presence in the southern state for many years through its flagship Chaah Mine and continues to pursue mineral resources development opportunities in the country.
Malaysia has stated ambitions to become a globally competitive player in the rare earths industry, drawing significant interest from foreign miners and refiners.
The country hosts Australia’s Lynas Rare Earths Ltd, one of only two major producers outside China, with local conglomerates such as Berjaya Corp Bhd also exploring projects.
France’s Carester SAS plans to build a rare-earths separation plant in Perak as part of a venture with Malaysia’s Malaco Mining Group.
Pek remains Southern Alliance’s controlling shareholder, with a direct interest of 55.74%. The firm said it was not a party to the transaction and did not receive proceeds.
It added that the share transfer would not result in any changes to the company’s management, operations or strategic direction.