KUALA LUMPUR (July 28): Press Metal Aluminium Holdings Bhd's subsidiary Press Metal (Labuan) Ltd has invited holders of the notes it issued to submit tenders to purchase their notes for cash on the terms and in the tender offer to be despatched to them.

“Press Metal Labuan proposes to accept for purchase notes tendered in the offer up to a maximum aggregate principal amount of US$200 million (RM849.90 million), which shall be subject to increase or decrease in Press Metal Labuan's sole discretion.

“The offer is being made as part of the company’s policy to actively manage its balance sheet liabilities while optimising its costs of financing,” Press Metal said in a filing.

The group said it will provide further updates on the development of this offer.

The offer commences today and will expire at 4pm London Time on Aug 6, while the pricing date is Aug 7.

Announcement of the results of the offer and purchase price will be as soon as reasonably practicable after the expiration deadline, said the group.

Press Metal Labuan has engaged J.P. Morgan Securities plc and Standard Chartered Bank (Singapore) Ltd to act as the dealer managers for the offer.

At noon break, Press Metal shares rose seven sen or 1.51% to RM4.72, bringing it a market capitalisation of RM18.78 billion. The counter saw some 455,100 shares traded.