Press Metal Aluminium acquires a 25% stake in PT Bintan Alumina
According to a recent report, Press Metal Aluminium Holdings Bhd has bought a 25 per cent stake in PT Bintan Alumina Indonesia for US$80.23 million.
The Southeast Asia’s largest smelter has signed a share subscription agreement with PT Mahkota Karya Utama (PT MKU) and PT BAI, and a shareholders’ agreement with PT MKU, Global Aluminium International Pte Ltd (GAI) and PT BAI on the subscription of 25% equity interest in PT BAI.
PT BAI is currently building a one million tonnes per annum alumina refinery in Galang Batang, Indonesia. Further expansion will add another one million tonnes.
Under the agreement, the acquisition would provide Press Metal with a long term supply of alumina. Press Metal intends to buy at least half of alumina produced before completion of the project and up to 1.5 million tonnes after the completion.
“With this, reliance on third party suppliers for alumina needs will reduce considerably, providing stability for Press Metal’s smelting operations,” the report added.
Group chief executive officer Tan Sri Paul Koon said this was an exceptional opportunity for Press Metal to invest in a refinery for a secured supply of alumina.
He further said “Together with our earlier acquisition of Worsley, we will be able to cover about 80 per cent of our enlarged alumina requirements moving forward. This will strengthen us vertically and provide us an edge as we remove some uncertainties or supply constraints which could lead to operational disruptions.”
source: ALCIRCLE.COM
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