PRESS METAL ALUMINIUM HOLDINGS BERHAD (PMETAL)

Press Metal Aluminium Holdings Berhad (PMETAL) — Malaysia's Aluminium Giant

Press Metal Aluminium Holdings Berhad (Code: 8869, PMETAL) is Malaysia's largest aluminium smelter and the only fully vertically-integrated aluminium player in Southeast Asia. Listed on Bursa Malaysia since 2010, PMETAL carries a market cap of approximately RM65.5 billion — making it one of Malaysia's largest industrial companies by value.

Two Core Business Segments

PMETAL operates through two main business segments:

• Smelting & Extrusion (~95% of revenue) — The core engine of PMETAL. Total smelting capacity stands at 1.08 million metric tonnes (MT) per year, with extrusion capacity of 230,000 MT per year. Primary operations are located at Samalaju Industrial Park in Bintulu and Mukah, Sarawak.
• Trading (~5% of revenue) — Covers marketing and distribution of aluminium products to global markets, primarily Asia and Europe.

Structural Moat: Sarawak Hydropower Advantage ✅

This is PMETAL's most defensible competitive advantage — one that is nearly impossible for competitors to replicate. Through long-term Power Purchase Agreements (PPAs) with Sarawak Energy (SESCO), PMETAL secures cheap and stable electricity from the Bakun and Murum hydroelectric dams. Electricity is typically the largest operating cost in aluminium smelting, so this structural advantage gives PMETAL profit margins that are far more competitive than global peers reliant on commercial grid electricity.

Capacity and Recent Strategic Actions

Phase 3 of the Samalaju smelter is now fully commissioned, bringing total smelting capacity to 1.08 million MT per year — among the largest outside of China. Several strategic initiatives are also underway:

• 100 MWac Solar PPA — Agreement signed with SESCO for solar power supply in Mukah, supporting PMETAL's ESG positioning.
• Solar Frame Extrusion MoU — Partnership with Bintulu Development Authority targeting aluminium solar frame manufacturing, with a mid-2026 completion target. This opens a new growth segment aligned with Malaysia's solar industry expansion.
• Baleh Hydro Project (1,285 MW) — Expected to be operational by 2026. Once commissioned, it enables PMETAL to consider further smelter capacity expansion backed by additional power supply.

Shariah Compliance ✅

PMETAL is a Shariah-compliant stock listed on the Securities Commission Malaysia's Shariah Securities List. This makes it a suitable investment for investors prioritising Islamic-compliant portfolios.

Shareholder Structure

The company is controlled by the Koon family — founder Tan Sri Dato' Koon Poh Keong and family members maintain an indirect stake of approximately 35%. Despite a disposal of 108 million shares in January 2026, the founding family's position remains substantial, reflecting long-term conviction in the business.

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