KUALA LUMPUR (March 20): Selangor Dredging Bhd said today its 37%-owned associate Fortress Minerals Ltd (FML) has obtained the Singapore Exchange Securities Trading Ltd's approval for listing on the Catalist Board.
Selangor Dredging told Bursa Malaysia today that FML, which is involved in the exploration, mining, production and sale of iron ore concentrate, is expected to be listed on March 27, 2019. Selangor Dredging said FML is a 37%-owned associate of SDB Mining Sdn Bhd, which, in turn, is a wholly-owned subsidiary of Selangor Dredging.
"It (FML) 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.
"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," Selangor Dredging said.
FML's IPO is sponsored by PrimePartners Corporate Finance Pte Ltd, according to Selangor Dredging.