SINGAPORE (July 17): A dispute over an informal joint-venture agreement made eight years ago has cast a pall of uncertainty over the ownership of Alliance Mineral Assets, an actively traded mining stock that has rocketed 230% in value since the beginning of this year. It has also raised questions about the standards of disclosure in the Singapore market.
On June 17, a filing by AMA indicates that its major shareholder, Living Waters Mining (Australia), disposed of nearly 46.1 million shares in an off-market transaction for more than $14.7 million — which works out to about 32 cents a share. That left LWM with 118.4 million shares in AMA, representing a 24.6% stake, down from 34.2% previously.
According to the filing, the change in LWM’s shareholding took place on June 16, and AMA was informed about it on the same day. LWM is owned by Tjandra Pramoko and his wife, Suen Sze Man. Pramoko is CEO of AMA, while Suen is an executive director.