ISR Capital raises stake in Madagascar firm to 60%

Singapore

INVESTMENT firm ISR Capital has entered into an agreement to acquire a further 40.1 per cent stake in a Madagascar rare earth concession holder from Reo Magnetic for S$26.7 million.

This, coupled with an earlier agreement inked last month for ISR Capital to acquire 19.9 per cent interest in Tantalum Holdings (Mauritius) for S$13.3 million (total acquisition price of S$40 million), will be paid by issuing 400 million new ISR Capital shares at 10 Singapore cents each to Reo Magnetic.