SINGAPORE (Nov 25): Malaysian gold miner Anchor Resources held its IPO in March 2016 at 25 cents. The share price has since plunged 97% to close at 0.8 cent on Nov 21 as it struggles to turn profitable on its gold mines in Terengganu. One of the mines was formerly owned by the state government.

At the current price level, the company is valued at $9.95 million. As at June 30, the group’s net asset value stood at 0.36 cent a share.

In a bid to diversify its revenue stream, the company bought granite business GGT Manufacturing from Anchor Resources’ controlling shareholder, managing director Lim Chiau Woei, in 2016. Anchor Resources paid for the $103 million acquisition by issuing 712.2 million new Anchor Resources shares to Lim at 14.5 cents each.

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