Press Metal seeks to secure alumina supply in RM739mil deal

This proposed acquisition via its 80%-owned subsidiary, Press Metal Bintulu Sdn Bhd will enable PMetal to access 5% of the annual production of WAP, which amounts to 230,000 tonnes of alumina p.a which is 15% of PMetal

KUALA LUMPUR: Press Metal Aluminium Bhd is buying a 50% stake in a company that holds a 10% interest in the Worsley Alumina project, as the local smelter seeks to secure long term access to the key raw material.

In a filing with Bursa Malaysia, the company said 80% owned subsidiary, Press Metal Bintulu Sdn Bhd has proposed to acquire 50% equity interest in Japan Alumina Associates (Australia) Pty Ltd (JAA) for A$250mil (RM739mil)