Southern Alliance Advances MCRE Shares Acquisition

Southern Alliance Mining Ltd. (SG:QNS) has released an update.

Southern Alliance Mining Ltd. has announced the novation and amendment of rights and obligations from Aras Kuasa Sdn. Bhd. to three shareholders following the transfer of shares in MCRE Resources Sdn Bhd. The company has entered into a deed which results in Dato’ Sri Pek Kok Sam, Dato’ Teh Teck Tee, and Dato’ Lee Tek Mook directly holding various proportions of MCRE shares, cumulatively amounting to a 40% acquisition target for Southern Alliance. Negotiations for the Proposed Acquisitions continue, with the goal of finalizing Definitive Agreements.

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