English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 15 August 2022, 18:00 HKT/SGT
Share:
        

Source: Alaska Mining Sdn Bhd / Nanopac Alaska Sdn Bhd
Alaska Mining Sells 51% Interest to Australian Nanotechnology Specialist
Company's sole shareholder, Lee Hon Kit, to receive A$5.0 million in new Nanopac shares from sale

KUALA LUMPUR, Aug 15, 2022 - (ACN Newswire) - Alaska Mining Sdn Bhd is pleased to announce that its sole shareholder, Lee Hon Kit, is selling a 51% interest in the Company amounting to A$5.0 million (RM15.2 million) under a share sale agreement to Nanopac Alaska Sdn Bhd (NASB).

Director of Nanopac Alaska Sdn Bhd Henry Cheang; Managing Director of Alaska Mining Sdn Bhd Lee Hon Kit; Acting CEO of Nanopac Alaska Sdn Bhd Tobby Tan, and Chairman of Nanopac Innovation Limited, Dato' Dr Cheng Kok Leong[L-R]

NASB is a unit of Nanopac Innovation Limited, which is listed on the Sydney-based National Stock Exchange of Australia. Nanopac principally engages in the research and development, manufacturing, distribution and servicing of nanotechnology materials and products. Nanopac's other businesses include Nano-Solar panels and raw materials for paint industry. Mr. Lee is the sole shareholder of Alaska Mining, which is an earthworks and mining specialist as well as a trader of a variety of goods and logistics services provider.

Under the agreement, the sale of the 51% interest in Alaska Mining by Mr. Lee to NASB will be satisfied through the issuance of new shares in Nanopac to be paid in two tranches. The first tranche of new shares amounting to A$2.5 million (RM7.77 million) will be paid up front following the share sale agreement while the second tranche of new shares amounting to A$2.5 million (RM7.77 million) will be paid out after the Company has achieved A$5.0 million (RM15.2 million) in net profit. As part of the share sale agreement, Mr. Lee will be appointed the managing director of Alaska Mining.

Alaska Mining has been granted rights to mine sands to be processed into silica and ilmenite, from which a Chinese business group has agreed to an offtake agreement in relation to part of the ilmenite produced.

Mr. Lee expressed that he is looking forward to working with NASB and Nanopac to grow the mining business and at the same time ensure there is a steady flow of silica for Nano-Solar panel production and ilmenite for its paint products.

"This acquisition is advantageous to Nanopac as this secures a steady flow of raw materials for Nano-Solar and existing line of products, which it would otherwise have to source through third parties."

"The mining operations will also give Nanopac a source of recurring income as the silica and ilmenite that it does not require will be sold to others while ensuring that the mining operations remain commercially sustainable, as the offtake agreement with the Chinese business group shows."

Mr. Tobby Tan, Acting Chief Executive Officer of NASB said, "We welcome Mr. Lee to the Nanopac family and we have no doubt that with his knowledge and experience, we will be able to grow the mining business to greater heights. We also believe that the acquisition of the stake will add to our production capabilities and is positive for the growth of Nanopac's solar panels and paints businesses."

Nanopac Alaska Sdn Bhd https://www.nanopac.com.my/

Topic: Press release summary
Source: Alaska Mining Sdn Bhd / Nanopac Alaska Sdn Bhd

Sectors: Metals & Mining, Daily Finance, Science & Nanotech, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
'DK Mobile: Genesis', the First On-Chain Game of ITSBLOC, Starting Pre-Register  
Sept 26, 2022 15:00 HKT/SGT
AEON Credit 1H2022 Revenue Up by 11.8% to HK$571.7 Million   
Sept 26, 2022 14:33 HKT/SGT
CALB is in the process of offering shares: leading product capability wins with outstanding R&D strength   
Sept 26, 2022 14:03 HKT/SGT
HKTDC launches GoGBA Day for the International Business Community  
Sept 26, 2022 14:00 HKT/SGT
Innovative Fintech Start-up KPay completes US$10 million financing  
Sept 26, 2022 13:20 HKT/SGT
Fujitsu, Tohoku University embark on strategic alliance to realize 'Well-being Society'  
Monday, September 26, 2022 11:18:00 AM
Amber Lounge, the World's Best Known F1 After Party, Partners with SO-COL to Launch NFT Memberships  
Sept 26, 2022 10:45 HKT/SGT
HKIoD joins Climate Governance Initiative and launches CGI Hong Kong Chapter  
Sept 26, 2022 10:23 HKT/SGT
Honda and Idemitsu Hold 10th Anniversary Event of Rider Development Project at Grand Prix of Japan  
Monday, September 26, 2022 9:06:00 AM
EDX Launches New Strategy Forum for Customer Experience  
Sept 26, 2022 08:01 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575