Aluminium smelter Press Metal Aluminium (KLSE:PMETAL) has entered into agreements to subscribe for an 80% equity stake in PT Kalimantan Alumina Nusantara for 1.04 billion ringgit over the next year to form a JV firm, a Wednesday bourse filing said
PT Alakasa Alumina Refineri and PT Dinamika Sejahtera Mandiri will also hold 19.77% and 0.23% equity interest in Kalimantan Alumina Nusantara, respectively.
Under the JV project, Kalimantan Alumina Nusantara will form and operate an integrated alumina refinery plant, power plant, jetty, and supporting infrastructure in West Kalimantan, Indonesia.
The refinery is expected to have an annual output capacity of 1 to 1.2 million metric tons, with the potential to double production. The first phase of the project will cost $750 million.
Shares of the company closed nearly 2% higher on Thursday.
Price (MYR): $4.94, Change: $+0.090, Percent Change: +1.86%
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