Shares & Derivatives
Southern Alliance Mining Ltd.
By Mr. IPO  •  June 21, 2020
Southern Alliance Mining Ltd ("SAM" or the "Company") is placing out 76m placement shares comprising 56m new shares and 20m vendor shares at $0.25 each for the upcoming IPO. The IPO will close on 24 June 2020 at 12pm. The market cap is $122.25 million.
There is no public offering, hence i will not spend too much time to cover it.
Business Overview
The Company is  based in Pahang Malaysia and principally involved in the exploration, mining and processing of iron ore. They have been operating the Chaah Mine in Johor since 2008 and have been granted the right to carry out exploration and mining operations at 3 other assets.
Mining Assets
No idea why the corporate office is in Pahang when all the sites are in Johor. They should relocate the corporate office?!
Financial Highlight
As you can see from the table above, SAM only became profitable in FY 2019, where revenue was 189.1m MYR and profit was 60.4m. Profit margin was 32%.
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By Mr. IPO
Mr. IPO graduated from NTU with a Bachelor in Accountancy (Honors) and started life as a lowly auditor. The audit experience not only polished up his accounting skills but also made him very skeptical about the financial records of companies. He always read the financial reports with a huge dose of salt ...
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