|
|
|
|
|
|
| Company's sole shareholder, Lee Hon Kit, to receive A$5.0 million in new Nanopac shares from sale |
KUALA LUMPUR, Aug 15, 2022 - (ACN Newswire) - Alaska Mining Sdn Bhd is pleased to announce that its sole shareholder, Lee Hon Kit, is selling a 51% interest in the Company amounting to A$5.0 million (RM15.2 million) under a share sale agreement to Nanopac Alaska Sdn Bhd (NASB).
 | | Director of Nanopac Alaska Sdn Bhd Henry Cheang; Managing Director of Alaska Mining Sdn Bhd Lee Hon Kit; Acting CEO of Nanopac Alaska Sdn Bhd Tobby Tan, and Chairman of Nanopac Innovation Limited, Dato' Dr Cheng Kok Leong[L-R] |
NASB is a unit of Nanopac Innovation Limited, which is listed on the Sydney-based National Stock Exchange of Australia. Nanopac principally engages in the research and development, manufacturing, distribution and servicing of nanotechnology materials and products. Nanopac's other businesses include Nano-Solar panels and raw materials for paint industry. Mr. Lee is the sole shareholder of Alaska Mining, which is an earthworks and mining specialist as well as a trader of a variety of goods and logistics services provider.
Under the agreement, the sale of the 51% interest in Alaska Mining by Mr. Lee to NASB will be satisfied through the issuance of new shares in Nanopac to be paid in two tranches. The first tranche of new shares amounting to A$2.5 million (RM7.77 million) will be paid up front following the share sale agreement while the second tranche of new shares amounting to A$2.5 million (RM7.77 million) will be paid out after the Company has achieved A$5.0 million (RM15.2 million) in net profit. As part of the share sale agreement, Mr. Lee will be appointed the managing director of Alaska Mining.
Alaska Mining has been granted rights to mine sands to be processed into silica and ilmenite, from which a Chinese business group has agreed to an offtake agreement in relation to part of the ilmenite produced.
Mr. Lee expressed that he is looking forward to working with NASB and Nanopac to grow the mining business and at the same time ensure there is a steady flow of silica for Nano-Solar panel production and ilmenite for its paint products.
"This acquisition is advantageous to Nanopac as this secures a steady flow of raw materials for Nano-Solar and existing line of products, which it would otherwise have to source through third parties."
"The mining operations will also give Nanopac a source of recurring income as the silica and ilmenite that it does not require will be sold to others while ensuring that the mining operations remain commercially sustainable, as the offtake agreement with the Chinese business group shows."
Mr. Tobby Tan, Acting Chief Executive Officer of NASB said, "We welcome Mr. Lee to the Nanopac family and we have no doubt that with his knowledge and experience, we will be able to grow the mining business to greater heights. We also believe that the acquisition of the stake will add to our production capabilities and is positive for the growth of Nanopac's solar panels and paints businesses."
Nanopac Alaska Sdn Bhd https://www.nanopac.com.my/
Topic: Press release summary
Source: Alaska Mining Sdn Bhd / Nanopac Alaska Sdn Bhd
Sectors: Metals & Mining, Daily Finance, Materials & Nanotech, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
Latest Press Releases
India's Power Transition Creates Clear Utility Divide
Feb 18, 2026 16:00 HKT/SGT
|
|
|
MHI Machinery Systems Participates in Ramp Merging Support Demonstration Experiment for Autonomous Vehicles on the Tokyo Metropolitan Expressway
Wednesday, February 18, 2026 2:37:00 PM
|
|
|
Kraft Heinz, Braskem, and Tenaris to headline OMP Conference Sao Paulo 2026
Feb 18, 2026 13:21 HKT/SGT
|
|
|
IDC MarketScape names Hitachi Energy a Leader in Asset Performance Management for Worldwide Utilities
Wednesday, February 18, 2026 9:51:00 AM
|
|
|
Fujitsu named to FORTUNE Magazine's list of 'World's Most Admired Companie's for eighth year running
Wednesday, February 18, 2026 9:41:00 AM
|
|
|
Bioxytran, Inc. Announces Commercial Distribution Agreement with Khoury Medical LTD for A-SUQAR Dietary Supplement
Feb 17, 2026 21:00 HKT/SGT
|
|
|
Austral Gold Announces A$8.456 million Strategic Placement
Feb 17, 2026 20:29 HKT/SGT
|
|
|
Supported by U.S. Polo Assn., the 2026 U.S. Open Women's Polo Championship(R) Concludes with Victory Eastern Hay the Champion
Feb 17, 2026 20:00 HKT/SGT
|
|
|
Fujitsu automates entire software development lifecycle with new AI-Driven Software Development Platform
Tuesday, February 17, 2026 11:21:00 AM
|
|
|
Anson Resources to Commence Drilling at Yellow Cat Uranium-Vanadium Project, Utah USA
Feb 17, 2026 07:00 HKT/SGT
|
|
|
|
|
More Press release >> |
|
 |
|
 |
|
