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ALLIANCE Mineral Assets on Monday reported that a substantial shareholder has raised her stake in the company, after a seizure of shares previously held by Living Waters Mining (Australia) Pty Ltd (LVMA), a private company wholly owned by Alliance Mineral's chief executive and his wife.
This followed an "unsatisfied court judgment", the regulatory filing by the mining company showed.
The seizure of shares is linked to a judgment debt owed by LVMA to Grande Pacific. A writ of seizure and sale was filed and served by the Supreme Court on June 30, as the sum of S$7 million in judgment debt "was unavailable to be transferred to Grande Pacific on the date as agreed in the settlement agreement".
Consequently, the shareholder, Marilyn Ting Hong Lean, has raised her stake in Alliance Mineral to 15.5 per cent, up from 8.29 per cent. Mdm Ting is listed as the sole owner of Grande Pacific. Her husband, Jonathan Lim Keng Hock, is also deemed to hold an interest in Alliance Mineral shares.
Shares of Alliance Mineral closed at S$0.355 on Monday, up two Singapore cents.