KUALA LUMPUR: Press Metal
Aluminium Holdings Bhd (PMAH) aims to raise RM1 billion via a proposed placement of up to 163.39 million new shares.
In a submitting with Bursa Malaysia at the moment, it stated the proposed placement represents 2.0 per cent of the overall issued PMAH shares, and the problem value can be decided and introduced later.
“Based on the illustrative difficulty value of RM6.12 per placement share, the proposed placement is
anticipated to raise gross proceeds of roughly RM1.0 billion, to be used for capital expenditure (RM210 million), working capital (RM670 million) and compensation of borrowings (RM120 million).
“The estimated bills associated to the proposed placement of RM8.0 million can be funded by the corporate via internally generated funds,” the aluminium manufacturing firm stated.
Meanwhile, PMAH entered 2022 with larger manufacturing quantity with its Phase 3 smelter on the
Samalaju Industrial Park in Bintulu, Sarawak, having achieved full commissioning within the fourth quarter of 2021.
“This is well timed as PMAH can be well-positioned to seize demand arising from the structural change pushed by the worldwide decarbonisation drive.
“With solely circa 25 per cent of worldwide smelters operating on hydropower, this might lead to a widening shortage of low carbon aluminium sooner or later,” stated PMAH.
Moving ahead, it stated the group can be additional enhancing its value-added capabilities whereas rising its extrusion product portfolio because it strives to enhance its presence in supporting shopper product-related sectors. – Bernama
