Press Metal pays RM331.5mil for a 25% stake in Bintan alumina producer

The proposed subscription provides Press Metal Group with the opportunity to secure a long term supply of alumina.

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd has agreed to pay US$80.2mil (RM331.5mil) for the subscription of a 25% stake in an alumina producer based in Bintan, Indonesia.

PT Bintan Alumina Indonesia (PT BAI) is currently in the midst of constructing a one million tonne aluminium oxide refinery project together with necessary facilities in Galang Batang, with expansion for another one million tonne.