Press Metal to expand its downstream aluminium portfolio

<p>Malaysian-based aluminium company Press Metal Bhd is proposing to invest worth RM100mil for the production of new aluminium products in 2017. The company is planning to manufacture higher margins aluminium products like billets and to expand export facility in the European market.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/press%20metal.JPG" alt="news" width="517" height="226" /></p> <p>Group chief executive officer of the largest aluminium smelter in South-East Asia, Datuk Paul Koon Poh Keong, said, &ldquo;We are seeing growing demand from automotive players that are shifting into aluminium in vehicles production. In addition, China is also going to use more aluminium for its high speed rail projects.&rdquo;</p> <p>Post company&rsquo;s shareholders meeting, Koon stated that the firm produces 30 per cent &ldquo;value added&rdquo; aluminium products. He said, &ldquo;Our target is to increase our production in &lsquo;value added&rsquo; products to 50% of our production this year.&rdquo;</p> <p>{googleAdsense}</p> <p>&ldquo;Currently, we are shipping our products through Bintulu port. The Samalaju port sits next to our plant, that would reduce our logistics cost in the long run,&rdquo; he concluded.</p> <p>The company had received its shareholders&rsquo; approval to undertake corporate exercise that would see the shares of Press Metal would be exchanged to a new holding company (NewCo).</p>