SINGAPORE (June 21): Alliance Mineral Assets says Jonathan Lim Keng Hock is now a new substantial shareholder in the tantalum mining company.
In a regulator filing on Wednesday night, Lim is said to have bought approximately 46.1 million shares from CEO Tjandra Adi Pramoko for $14.7 million in an off-market transaction on June 15 or 16.
This works out to an average price of 32 cents per share.
According to ACRA filings, Lim is the registered business owner of privately-held company REO Magnetic.
See: SGX seeks more details before giving nod to ISR’s $12 mil placement
REO Magnetic owns a 60% stake in a rare earths concession in Madagascar which ISR Capital is trying to acquire for $40 million.
Shares in ISR Capital surged by some 4,000% following news of the planned acquisition before crashing spectacularly after the arrest of John Soh Chee Wen who was alleged to have manipulated the stock.
Soh is also widely believed to be the mastermind behind the October 2013 penny stock crash.
The Singapore Exchange had also rejected ISR Capital's first and second valuation reports which had appraised the concession to be worth more than US$1 billion ($1.4 billion).
In an interview with The Edge Singapore in April, executive chairman Chen Tong says ISR Capital will go ahead with the acquisition and seek a third valuation report.
See: Chairman Chen Tong says ISR Capital to push ahead with Madagascar acquisition
Shares of Alliance Mineral Assets closed 2 cents lower at 32 cents.