PETALING JAYA: Selangor Dredging Bhd’s (SDB) unit Fortress Minerals Ltd (FML) has been given the green light to list on the Catalist Board of the Singapore Stock Exchange.
The listing date is March 27, according to the group’s filing with Bursa Malaysia.
FML is a 37%-owned associated company of SDB Mining Sdn Bhd, which in turn is a wholly owned subsidiary of SDB.
FML is principally involved in the business of exploration, mining, production and sale of iron ore concentrate. It produces iron ore concentrate with TFe grade of 65.0% and above from iron ore mined from the East, Valley and West Deposits of its Bukit Besi Mine, situated in Terengganu, Malaysia, through its subsidiary Fortress Mining Sdn Bhd.
The mining right for Bukit Besi Mine covers a total area of about 526.2 hectares, and will expire in early 2033. It sells its iron ore concentrate primarily to steel mills and trading companies in China and Malaysia.
SDB said proceeds from the initial public offering (IPO) will 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 acquisition, joint venture and/or development of new mines, whether in Malaysia or elsewhere.”
FML’s IPO is sponsored by PrimePartners Corporate Finance Pte Ltd.
At the noon break, SDB’s share price gained 1 sen or 1.6% to 65 sen on 76,800 shares done.
