KUCHING: The Employees Provident Fund Board (EPF) has aggressively built up its stake in Press Metal Aluminium Holdings Bhd, with the acquisition of additional 18.22 million shares from August 8 to 12.
The pension fund bought 4,760,400 shares (August 8); 10,454,600 shares (August 11) and 2,998,800 shares (August 12).
This increased its shareholdings in Southeast Asia’s largest integrated aluminium smelter to about 553.64 million shares (6.719%), according to Press Metal’s filings with Bursa Malaysia.
As at April 2, 2025, EPF held about 445.73 million shares (5.41%) in Press Metal, which operates aluminium smelting plants in Samalaju Industrial Park,Bintulu and in Mukah
Press Metal’ share price rose to RM5.64 on Friday (August 15), its highest level against low of RM4.14 over 52 weeks.
On the other hand, the company’s major shareholders – the Koon brothers – had collectively disposed of 18 million Press Metal shares on August 11.
Executive vice-chairman Datuk Koon Poh Ming sold 9 million shares, reducing his direct stake to 503.86 million shares (6.115%) while another 8 million shares were disposed of by Alpha Milestone Sdn Bhd controlled by group CEO Tan Sri Paul Koon Poh Keong, lowering its stake to 2.777 billion shares (33.711%). Another 1 million shares were sold by executive director Datuk Koon Poh Tat,cutting his direct shareholdings to 212.75 million shares (2.582%).
Press Metal, which is expected to release its second quarter to June 30, 2025 (2Q2025) financial results by August 30, had recorded strong earnings – group revenue of RM14.91 billion and profit after tax and minority interest (PATAMI) of RM1.77 billion in financial year 2024, an impressive growth of 45 per cent from FY2023.
In 1Q2025, Press Metal posted a 7.8 per cent growth in revenue to RM3.9 billion (1Q2024:RM3.62 billion) and PATAMI of RM461.78 million (RM408 million), up 13.2 per cent.
The company had attributed the strong performance in 1Q2025 to higher metal prices coupled with improved contributions from associates.
When commenting on 1Q2025 financial results, Paul Koon said the previously elevated alumina prices have started to normalise as additional capacity comes onstream and regional production disruptions ease. He said aluminium prices remain resilient, supported by on-going supply constraints despite easing cost pressures and concerns over a slowing economy.
With global production expected to grow at a slower pace this year, Koon said the aluminum market is anticipated to stay largely balanced despite more modest demand growth from electric vehicles, renewables and grid infrastructure moderating compared to 2024 amid prevailing macroeconomic uncertainties.
Going forward, he said there remains considerable uncertainty surrounding the US tariff policies and how they will ultimately unfold following the 90-day pause as negotiations between US and various countries continue.
While it is premature to assess the full scale and scope of the US tariffs on the broader economy and consumer demand, he said: “We may be entering a period marked by more frequent supply shocks and disruptions to the global supply chain, which could potentially reshape global aluminium trade flows.
“Nevertheless, there are opportunities for our (Press Metal) low-carbon products and the relocated manufacturing operations to this region.”
