KUCHING: Press Metal Aluminium Holdings Bhd has completed its fifth issuance of Sukuk Wakalah under its Sukuk Programme, with a total nominal value of RM1.5 billion.
The latest issuance, announced in a filing with Bursa Malaysia, includes tenures of seven, 10, and 15 years.
Press Metal, Southeast Asia’s largest integrated aluminium smelter, said that Maybank Investment Bank Bhd serves as the sole principal adviser and lead arranger for the Sukuk Programme, while AmInvestment Bank Bhd and Maybank Investment Bank act as joint lead managers for this fifth issuance on March 19.
The company’s previous issuance, valued at RM500 million with tenures of five and seven years, took place on September 18, 2023.
To recap, in August 2019, Press Metal announced a proposed Islamic medium-term notes programme of up to RM5 billion to raise funds for its Shariah-compliant corporate purposes.
Proceeds from the sukuk issuance will be used for various purposes, including capital expenditure, working capital requirements, investments, and refinancing of existing financing or borrowings.
Meanwhile, Press Metal’s associate company, Nanshan Aluminium International Holdings Ltd (Nanshan), is set to be listed on the Hong Kong Stock Exchange on March 25, 2025.
Under the terms of its initial public offering (IPO), Nanshan will offer a total of 88.2 million shares, priced between HK$26.60 and HK$31.50 each. The IPO is expected to raise between HK$2.35 billion and HK$2.78 billion.
Nanshan, a manufacturer of alumina in Southeast Asia catering to regional metal demand, was formed as a spin-off from Shanghai-listed Shandong Nanshan Aluminium.
Press Metal, through its wholly owned subsidiary Press Metal International Resources (HK) Limited, holds approximately 25.59 per cent equity in Nanshan. This stake was acquired via a share swap of its direct equity interest in PT Bintan Alumina Indonesia (PT BAI) for a direct equity interest in Nanshan last year.
In another notable development, the Employees Provident Fund Board (EPF) has continued accumulating shares in Press Metal, increasing its stake to 435,773,337 units (5.289 per cent) from less than 3 per cent as of April 4, 2024.
Since the beginning of this month, EPF has purchased Press Metal shares in the following amounts: 2,584,400 units on March 4, 3 million units on March 11, 6 million units on March 12, and 1,904,400 units on March 13.
Press Metal, which operates aluminium smelting plants in Bintulu and Mukah, saw its share price close at RM5.00 on Wednesday.
