During the Dec 15 2019 interview by the edge, The developer's executive Chairman, Andrew Khoo informed that the company have 40% investment in Nex Metals Exploration Ltd, a gold exploration company listed on the Australia Securities Exchange.
The backgroup of this investment
Back in 2011, the property development arm of Mui group, granted Nex Metals a loan in the form of a secure convertible note amounting to A$1.5million (RM 4.5million) with interest payable at 10% per annu, to kick off its first gold exploration venture.
The rationale behind issuing a secured convertible note and not an actual loan was to give Mui Prop the option to convert the note into shares when the time is right. It was also less risky than acquiring a stake in Nex Metal at the time as gold price were volatile. They have been receivig interest payment over the last 8 years.
on Feb 2020, Mui Prop announce that Nex Metals has found ' high grade gold mineralisation' at the side in western Australia. Somehow, few others mining also have high potential to find GOLD.
ON 12/11/2019, ASX announced that MUI PROP total convert 12.5million (equal to 40.73%) of Nex Metals at the share price of A0.01338.
Today, the share price of Nex Metals is closing at 0.068. On paper, MUI PROP had over 500% of investment Gain with this investment.
The sources from The Edgemarket and ASX (Australia Stock Exchange)