Press Metal unit to acquire HK firm stake

The exercise is for a share swap of 25.59% interest in Nanshan Aluminium International Holdings Ltd.

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd has proposed to sell 25% or 3.86 million of its shares in PT Bintan Alumina Indonesiato Hong Kong Prime Aluminium Investment Limited (HK PAI) for US$329.80mil (RM1.55bil).

HK PAI is wholly owned by Nanshan Aluminium International Holdings Ltd (NAIHL).

The exercise is for a share swap of 25.59% interest in NAIHL, which is proposed to be subscribed by Press Metal International Resources (HK) Ltd (PMIRHK), a wholly owned subsidiary of Press Metal Aluminium.

Press Metal said that in consideration of the sale of shares, HK PAI shall issue a promissory note to the company for the amount equivalent to the purchase price.

“The designated purpose of the promissory note is for PMIRHK to assign the promissory note to NAIHL to complete the proposed subscription. — Bernama