19 MARCH 2014AlCircle.com
Press Metal chairman sells 430,000 company shares
Edited by : AL CIRCLE
2 min read
Chairman of Press Metal Bhd Datuk Megat Abdul Rahman Megat Ahmad has sold a major part of his stake in the company. He sold 430,000 direct and indirect shares, at a price between RM2.28 and RM2.30 each, from 4th to 13th March. Press Metal Bhd owns aluminium smelting plants in Mukah and Samalaju Industrial Park in Bintulu.
With the sale, Abdul Rahman has cut down his direct stake in Press Metal to 12.27 million shares (2.38%), and indirect stake to 67,000 shares (0.15%).
On March 5, during a general meeting (EGM) the group got shareholders’ nod to sell 20% equity interest in Press Metal Bintulu Sdn Bhd (PMBSB) to Japan’s Summit Global Management for a price of about RM444m.
PMBSB owns the current Bintulu smelting plant, which has an annual capacity of 320,000 tons.
Sumitomo Corporation which runs the Mukah smelter has a 20% ownership in Press Metal Sarawak Sdn Bhd (PMS).
According to a source, PMS could lose between RM20mil and RM30mil in assets this year because of the shutdown of the Mukah plant due to last year’s statewide power outage.
This was over and above the RM90m in provisions made for operating losses and written off assets during financial year 2013.
The Mukah plant has an annual installed capacity of 120,000 tons and it is expected to resume operation by the end of this week.
With the sale, Abdul Rahman has cut down his direct stake in Press Metal to 12.27 million shares (2.38%), and indirect stake to 67,000 shares (0.15%).
On March 5, during a general meeting (EGM) the group got shareholders’ nod to sell 20% equity interest in Press Metal Bintulu Sdn Bhd (PMBSB) to Japan’s Summit Global Management for a price of about RM444m.
PMBSB owns the current Bintulu smelting plant, which has an annual capacity of 320,000 tons.
Sumitomo Corporation which runs the Mukah smelter has a 20% ownership in Press Metal Sarawak Sdn Bhd (PMS).
According to a source, PMS could lose between RM20mil and RM30mil in assets this year because of the shutdown of the Mukah plant due to last year’s statewide power outage.
This was over and above the RM90m in provisions made for operating losses and written off assets during financial year 2013.
The Mukah plant has an annual installed capacity of 120,000 tons and it is expected to resume operation by the end of this week.
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