KUCHING: Press Metal Aluminium Holdings Bhd’s major shareholders — the Koon brothers — have disposed of a combined 60 million shares as the counter climbed to a multi-year high last week.
Group chief executive officer (CEO) Tan Sri Paul Koon Poh Keong sold 24 million shares on Dec 3, when the stock ended at RM6.70, trimming his direct stake to about 201.53 million shares (2.446 per cent). He also holds 2.793 billion shares (33.907 per cent) indirectly in Southeast Asia’s largest integrated aluminium smelter, which operates plants in Samalaju Industrial Park, Bintulu, and in Mukah.
On the same day, Koon Poh Weng disposed of 20 million shares, reducing his direct stake to 445.98 million shares (5.413 per cent), while Datuk Koon Poh Ming sold 10 million shares, bringing her holdings to 487.86 million shares (5.921 per cent).
Datuk Koon Poh Kong and Datuk Koon Poh Tat sold 5 million and 1 million shares respectively, cutting their direct holdings to 93.1 million (1.131 per cent) and 180.75 million shares (2.194 per cent). All four brothers also hold varying levels of indirect interests, according to Press Metal’s filings with Bursa Malaysia.
Substantial shareholder Employees Provident Fund (EPF) has also been actively trading the counter. On Dec 2, EPF sold 11.5 million shares and bought 6.57 million shares, raising its total stake to about 505 million shares (6.129 per cent). EPF first crossed the 5 per cent substantial shareholding threshold on Jan 2, 2025, with 413.3 million shares (5.016 per cent).
Press Metal, which has surged more than 60 per cent from its 52-week low of RM4.14 on April 14 to RM6.75 last Friday, opened unchanged at RM6.71 yesterday (market cap: RM55 billion). This followed the company’s announcement that its indirect subsidiary, PMB Aluminium Sdn Bhd (PMBA), entered into a joint-venture (JV) with Bintulu Capital Sdn Bhd (BCSB) on Dec 6 to develop a clean-energy extrusion plant in Bintulu.
BCSB is wholly owned by the Bintulu Development Authority (BDA). A JV company, Press Metal PV (Sarawak) Sdn Bhd (PMPV), will be established to operate the project on a 39.61-hectare site leased from Press Metal Bintulu Sdn Bhd.
“The project involves the construction and operation of a clean energy products extrusion plant with an initial annual production capacity of 80,000 metric tonnes at an estimated cost of RM600 million,” Press Metal said. It added that 20 per cent of the funding (RM120 million) will come from equity contributions by PMBA and BCSB, with the remaining 80 per cent (RM480 million) raised through external borrowings by PMPV. PMBA’s RM96 million subscription across three tranches will be fully funded internally.
“The proposed joint venture aligns with Press Metal group’s green aspirations and advances the expansion of its clean-energy product operations, which complement the group’s existing downstream activities.
“The extrusion plant will serve as a core facility for producing solar frames, strengthening the group’s integrated manufacturing capabilities and improving operational efficiency across its operations.
“In addition, the proposed joint venture reinforces the group’s transformation strategy to broaden its conventional downstream portfolio into product-driven extruded applications for the clean-energy sector, ensuring alignment with present market dynamics and emerging industry trends,” it said.
Press Metal reported strong results for 9M2025, with profit after tax and minority interests (PATAMI) rising 14.6 per cent to RM1.51 billion on revenue of RM12.16 billion, up 7.2 per cent from a year earlier. Third-quarter revenue climbed 7.9 per cent to RM4.08 billion, supported by higher volumes and better realised prices, while alumina costs eased. Group PATAMI jumped 40 per cent to RM563.3 million.
Looking ahead, Paul Koon said global uncertainties continue to cast a cautious near-term outlook.
“Nonetheless, structural demand from green sectors, such as electric vehicles, solar infrastructure and grids investment together with consumer electronics, is underpinning long-term aluminium consumption.
“At the same time, market tightness arising from capacity constraints and regional supply imbalances is lending support to aluminium prices, with premium rising in certain markets due to tariff measures and changes in regional metal flow.”
He added that weakening alumina prices, as new refinery capacity comes online, have helped reduce input costs, “enhancing cost competitiveness and supporting margin resilience moving forward.”
