Sumitomo to buy into Press Metal Sarawak

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Press Metal’s aluminium smelter in Sarawak

Japanese industry group Sumitomo has signed a memorandum of understanding (MoU) with Malaysia-based Press Metal Bhd to acquire  a 20-per cent stake of its wholly-owned subsidiary, Press Metal Bintulu Sdn Bhd.

The MoU will be effective for six months during which Sumitomo will conduct a legal, financial and operational due diligence audit before submitting an offer price, Press Metal said in a filing to Bursa Malaysia on April 12.

If Press Metal accepts the offer, a definitive agreement comprising a sale and purchase of shares agreement and a shareholders agreement will be entered.

Press Metal said that Sumitomo’s extensive global network would enable Press Metal to reap the synergy of the partnership and bring Press Metal Bintulu ‘to its full potential.’

Press Metal Bintulu’s core business is manufacturing and marketing of aluminium products. It is one of the largest companies based in the Sarawak Corridor of Renewable Energy (SCORE).

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Reading Time: 1 minute

Press Metal’s aluminium smelter in Sarawak

Japanese industry group Sumitomo has signed a memorandum of understanding (MoU) with Malaysia-based Press Metal Bhd to acquire  a 20-per cent stake of its wholly-owned subsidiary, Press Metal Bintulu Sdn Bhd.

Reading Time: 1 minute

press-metal-aluminium-smelting
Press Metal’s aluminium smelter in Sarawak

Japanese industry group Sumitomo has signed a memorandum of understanding (MoU) with Malaysia-based Press Metal Bhd to acquire  a 20-per cent stake of its wholly-owned subsidiary, Press Metal Bintulu Sdn Bhd.

The MoU will be effective for six months during which Sumitomo will conduct a legal, financial and operational due diligence audit before submitting an offer price, Press Metal said in a filing to Bursa Malaysia on April 12.

If Press Metal accepts the offer, a definitive agreement comprising a sale and purchase of shares agreement and a shareholders agreement will be entered.

Press Metal said that Sumitomo’s extensive global network would enable Press Metal to reap the synergy of the partnership and bring Press Metal Bintulu ‘to its full potential.’

Press Metal Bintulu’s core business is manufacturing and marketing of aluminium products. It is one of the largest companies based in the Sarawak Corridor of Renewable Energy (SCORE).

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