SINGAPORE: Singapore Exchange (SGX) has welcomed Fortress Minerals Limited to its Catalist under the stock code “OAJ”.
[the_ad id=”32940″]Fortress Minerals Limited is a Malaysia-based high grade iron ore concentrate producer. The Group’s principal business activities include exploration, mining, production and sale of iron ore concentrate. At present, Fortress Minerals Limited produces magnetite iron ore concentrate with TFe grade of 65.0% and above, mined from the East, Valley and West Deposits in the Bukit Besi Mine in Terengganu, Malaysia. The iron ore concentrate produced by the Group is primarily sold to steel mills and trading companies in the People’s Republic of China and Malaysia.
Mohamed Nasser Ismail, Head of Equity Capital Markets, SGX, said, “We are delighted to welcome the listing of Fortress Minerals Limited on SGX Catalist, the first pure-play iron ore mining company on SGX. Fortress Minerals joins a growing number of mining exploration and production stocks in our Mineral, Oil and Gas sector on SGX. We look forward to supporting the company as it embarks on further exploration activities in Malaysia and seeks strategic acquisitions in Malaysia and beyond.”
Chee Yew Fei, Executive Director and Chief Executive Officer of Fortress Minerals, said, “It is a great honour to be the first iron ore mining company listed on the SGX-ST. We are excited to see such overwhelming interest from the market in our expertise and asset, as well as the growth potential of the regional iron ore industry. We thank all our shareholders for their support, and the SGX-ST for providing a platform for investors to understand our business and to participate in our growth. In return, we are committed to enhancing our mineral resource and developing our business efficiently, to deliver long-term value to our shareholders.”
With a market capitalisation of about S$115 million, the listing of Fortress Minerals Limited brings the total number of companies listed on Catalist to 218, with a combined market capitalisation of about S$10 billion. Fortress Minerals Limited opened at S$0.22 on Wednesday.