KUALA LUMPUR (May 27): Press Metal Aluminium Holdings Bhd’s net profit doubled to a record high of RM205.72 million or 2.55 sen per share in the first quarter ended March 31, 2021 (1QFY21) from RM102.57 million or 1.27 sen per share a year ago, driven by higher aluminium demand and prices. Quarterly revenue expanded 14.8% to RM2.1 billion from RM1.83 billion a year before, the group’s filing with Bursa Malaysia showed. “The performance in this.
Aluminium Holdings Bhd is proposing to undertake a bonus share issuance of 4.038 billion new shares on the basis of one bonus share for every one existing share held, on a yet-to-be-determined entitlement date.
The company, which is Southeast Asia s largest aluminium smelter, said in a statement the bonus issue is to reward shareholders for their loyalty and continuous support as well as allow them to have greater participation in the group s equity while retaining their precentage of equity interest.
The shares will also become more affordable and appealing to a wider group of investors, which could improve the liquidity and marketability of the shares.
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Press Metal counts on new smelting plant
Press Metal Aluminium Holdings Bhd is expected to ride on the strong recovery of aluminium prices when its new Phase 3 smelting plant in Samalaju Industrial Park, Bintulu, commence commercial production in two months.
The new smelter will raise the group’s production capacity by 42% to 1.08 million tonnes from 760,000 tonnes per annum.
Press Metal, South-East Asia’s largest integrated aluminium producer, operates aluminium smelting plants in Bintulu and Mukah.
“Our plan to commission the Phase 3 smelter in January 2021 is on track, increasing our capacity by 42% from 760,000 up to 1,080,000 tonnes per annum. This expansion is timely as aluminium price has strengthened by more than 40% over the last few months and we see that the world is looking at further economic recovery in 2021, ” said group chief executive officer Tan Sri Paul Koon (pic) in a statement as the company reported its latest quarterly results.