RHB Research maintains Buy on Press Metal

It added that Press Metal Bintulu inked a term sheet with Syarikat Sesco for the supply of an additional 500 megawatts (MW) of power to PMB to undertake its proposed Phase III expansion.The expansion would double the present aluminium smelting capacity at its plant in Samalaju, Sarawak to 640,000 tonnes per annum (tpa). 

"Meanwhile, the first drawdown of 330MW will start in end-2015, while the remaining 170MW will be drawn down from early-2018 onwards," it said.