Selangor Dredging unit gets greenlight for Singapore listing
KUALA LUMPUR: Selangor Dredging Bhd’s (SDB) unit, Fortress Minerals Ltd (FML), has obtained approval from Singapore Exchange Securities Trading Ltd for listing on the Catalist Board. The company is expected to be listed on March 27, 2019. FML is a 37 per cent-owned associated company of SDB Mining Sdn Bhd, which in turn is a wholly-owned subsidiary of SDB.
In its filing to Bursa Malaysia yesterday, SDB said proceeds from the initial public offering (IPO) would be used to further develop the Bukit Besi Mine, including continuing and future exploration and geology work, as well as expansion of iron ore processing capacities. On top of using the proceeds for general working capital purposes, the group will also look at acquisitions, joint ventures and development of new mines in Malaysia or elsewhere.
The IPO of FML is sponsored by PrimePartners Corporate Finance Pte. Ltd.
FML is principally involved in the business of exploration, mining, production and sale of iron ore concentrate mined from the East, Valley and West Deposits of its Bukit Besi Mine, in Terengganu.
The mining rights for Bukit Besi Mine covers 526.2 hectares and expires in early 2033.
It sells its iron ore concentrate primarily to steel mills and trading companies in China and Malaysia.