Press Metal buys 25% in PT Bintan

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

KUCHING: Press Metal Aluminium Holdings Bhd is acquiring a 25% stake in alumina producer PT Bintan Alumina Indonesia (PT BAI) for US$80.23mil (RM331.4mil).

The South-East Asia’s largest aluminium smelter has signed a share subscription agreement with PT Mahkota Karya Utama (PT MKU) and PT BAI, and a shareholders’ agreement with PT MKU, Global Aluminium International Pte Ltd (GAI) and PT BAI on the subscription of 25% equity interest in PT BAI.