Malaysian Billionaires Sell Stake in Silicon Metal Producer

Press Metal Aluminium wants to buy a 35.6% stake for $113.6 million. This will make the company its subsidiary. The Edge Malaysia reported this.

The sellers are five brothers: Koon Poh Keong, Koon Poh Ming, Koon Poh Tat, Koon Poh Weng, and Koon Poh Kong. They are all on Press Metal's board.

The Press Metal logo is on a building. It is from the company's website.

The acquisition prices the shares at $0.70 each. This is lower than the company's latest audited net assets per share of $0.72 and its unaudited net assets per share of $0.73.

The deal is a related-party transaction. The sellers are directors and shareholders of Press Metal.

The transaction will be financed with internal funds. It is expected to close in the third quarter of this year, subject to shareholder approval.

Press Metal wants to shift operations from silicon metal to silicon-aluminum alloy. It will use its facilities to expand capacity.

The company expects demand for silicon-aluminum alloys to increase. This is due to clean energy applications and electric vehicles.

RHB Research said the acquisition could strengthen Press Metal's expansion strategy. It will provide greater access to sustainable energy supply.

PMBT's market capitalization was $3.37 billion on Monday. Press Metal was valued at $65.5 billion.

Koon Poh Keong is the group CEO of Press Metal. His photo is from the company's website.

Press Metal was founded by Poh Keong and his siblings in 1986. It started as an aluminum extrusion company in Malaysia.

The company has become Southeast Asia's largest aluminum producer. It started from a rented factory in Selangor.

The brothers control the firm. The eldest, Poh Keong, is the group CEO. Forbes ranked them second on its Malaysia rich list with a combined net worth of $9.7 billion.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

ฝึกฟัง

ฝึกฟัง