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OTHERS Press Metal Aluminium Holdings Berhad ("PMAHB" or the "Company") Memorandum of Understanding between Shandong Nanshan Aluminium Co. Ltd. ("Nanshan Aluminium"), Redstone Alumina International Pte. Ltd. ("Redstone"), PT Mahkota Karya Utama ("PT MKU"), PT Bintan Alumina Indonesia ("PT BAI") and PMAHB - UPDATE

PRESS METAL ALUMINIUM HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Press Metal Aluminium Holdings Berhad ("PMAHB" or the "Company")
Memorandum of Understanding between Shandong Nanshan Aluminium Co. Ltd. ("Nanshan Aluminium"), Redstone Alumina International Pte. Ltd. ("Redstone"), PT Mahkota Karya Utama ("PT MKU"), PT Bintan Alumina Indonesia ("PT BAI") and PMAHB - UPDATE

(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as defined in the Company's announcement dated 31 May 2019 and 20 August 2019 except where the context otherwise defined herein.)

 

The Company had on 31 May 2019, entered into a MOU with PT BAI and its direct and indirect shareholders, which are Nanshan Aluminium, Redstone and PT MKU.

 

PT BAI is principally involved in the production of non-ferrous metals. PT BAI is currently in the midst of constructing an alumina refinery plant together with the necessary facilities in Galang Batang.

 

The MOU set out the principles for the parties to further discuss the proposed capital injection by PMAHB into PT BAI via a subscription of approximately 25% of PT BAI shares by the Company ("the Proposed Subscription").

 

Subsuquently, the Company had on 15 November 2019 entered into a share subscription agreement with PT MKU and PT BAI ("SSA") and a shareholders' agreemenrt with PT MKU, Global Aluminium International Pte. Ltd. and PT BAI ("SHA").

 

The Proposed Subscription entails the subscription by the Company of 908,533 newly issued and allotted ordinary shares of PT BAI having a nominal value of IDR1,000,000 per shares, representing 25% equity interest in PT BAI, for a total cash consideration of USD80,232,000.

 

The Proposed Subscription is subject to the term and condition of the SSA, and the SHA is conditional upon and shall be deemed to only take effect on and from the completion of the Proposed Subscription.

 

The Board of Directors wishes to announce that there has been no further development since the previous announcement.

 

This announcement is dated 28 November 2019.






Announcement Info

Company Name PRESS METAL ALUMINIUM HOLDINGS BERHAD
Stock Name PMETAL
Date Announced 28 Nov 2019
Category General Announcement for PLC
Reference Number GA1-28112019-00044




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