Miner Alliance Mineral Asset CEO's shares seized on court order

Singapore-listed miner Alliance Mineral Assets said about 40 million shares belonging to substantial shareholder Living Waters Mining Australia (LWMA) were seized.

Alliance Mineral
Alliance Mineral Assets. Alliance Mineral website

Singapore-listed miner Alliance Mineral Assets said about 40 million shares belonging to substantial shareholder Living Waters Mining Australia (LWMA) were seized.

A writ of seizure and sale dated November has been issued by Singapore's High Court to LWMA, a private company owned by Alliance Mineral's chief executive Tjandra Adi Pramoko, and his wife, executive director Simone Suen Sze Man.

The seizure is, however, limited to satisfying payment of a sum of S$5.46 million, which includes a judgment debt, interest, costs and disbursements, the company said in a regulatory filing on late Tuesday.

Australia-based Alliance said that it understands from LWMA's legal counsel that only the number of seized shares required to satisfy the debt will be sold. The actual number of seized shares sold will be determined based on the prevailing market price of the firm's shares at the time of the sale.

Additionally, a further 46 million shares in Alliance Mineral held by LWMA continue to be frozen as security for the sum payable.

Shares in Alliance Mineral gained 4.6 percent to S$0.34 on the Singapore Exchange. The stock has jumped 270 percent in an year.

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