Press Metallic goals to boost RM1bil through placement shares

KUALA LUMPUR: Press Metallic Aluminum Holdings Bhd (PMAH) goals to boost RM1 billion through a proposed placement of as much as 163.39 million new shares.

In a submitting with Bursa Malaysia at this time, it mentioned the proposed placement represents 2.0 per cent of the whole issued PMAH shares, and the problem worth might be decided and introduced later.

“Based mostly on the illustrative challenge worth of RM6.12 per placement share, the proposed placement is

anticipated to boost gross proceeds of roughly RM1.0 billion, for use for capital expenditure (RM210 million), working capital (RM670 million) and compensation of borrowings (RM120 million).

“The estimated bills associated to the proposed placement of RM8.0 million might be funded by the corporate through internally generated funds,” the aluminum manufacturing firm mentioned.

In the meantime, PMAH entered 2022 with increased manufacturing quantity with its Part 3 smelter on the

Samalaju Industrial Park in Bintulu, Sarawak, having achieved full commissioning within the fourth quarter of 2021.

“That is well timed as PMAH might be well-positioned to seize demand arising from the structural change pushed by the worldwide decarbonisation drive.

“With solely circa 25 per cent of worldwide smelters working on hydropower, this might result in a widening shortage of low carbon aluminum sooner or later,” mentioned PMAH.

Shifting ahead, it mentioned the group might be additional enhancing its value-added capabilities whereas rising its extrusion product portfolio because it strives to extend its presence in supporting shopper product-related sectors. – Bernama


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