Southern Alliance Mining is in "advanced" talks to buy two mining companies in Malaysia, although there's no certainty definitive agreements will be signed.
On April 3, the company was queried by the exchange for unusual trading patterns of its share price. Its answer then was that while it continuously looks for acquisitions, there's no material agreements or contracts signed, and it is not aware of any information not previously announced that might "explain the trading".
On March 16, the Malaysia-based iron miner announced a loss of RM10.2 million for half year ended Jan 31, versus earnings of RM27.4 million in the year earlier period.
Revenue in the same period was down 47% y-o-y to RM52.2 million.
The company will make the appropriate announcements should there be any material developments.
