<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 12): Japan-listed diversified group Sumitomo Corp is eyeing a 20% stake in a wholly-owned subsidiary of aluminium-product manufacturer Press Metal Bhd (PMB).</p></div>

<div class=newsTextDataWrapInner><p>In a filing to Bursa Malaysia today, PMB said it has signed a memorandum of understanding (MOU) with Sumitomo to dispose of a 20% stake in Press Metal Bintulu Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>"The MOU has been entered into to record the understanding between the parties in respect of the vendor’s (PMB) intention to dispose of twenty percent (20%) equity interest in the target company to the purchaser. </p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"The purchaser, with its extensive networking worldwide, actively trades in metals at an international and competitive level. The proposed transaction will enable the vendor to reap the synergy of the partnership and bring yet another of its subsidiary to its full potential.</p></div>

<div class=newsTextDataWrapInner><p>Press Metal Bintulu will undertake aluminium smelting operations to produce aluminium ingots and billets once its plant in Samalaju Industrial Park, Sarawak, is fully operational.</p></div>

<div class=newsTextDataWrapInner><p>The MOU is valid for six months. During the period, Sumitomo will conduct legal, financial and operational due diligence on Press Metal Bintulu. </p></div>

<div class=newsTextDataWrapInner><p>Sumitomo also owns 20% in another PMB subsidiary - Press Metal Sarawak Sdn Bhd.</p></div>

KUALA LUMPUR (April 12): Japan-listed diversified group Sumitomo Corp is eyeing a 20% stake in a wholly-owned subsidiary of aluminium-product manufacturer Press Metal Bhd (PMB).

In a filing to Bursa Malaysia today, PMB said it has signed a memorandum of understanding (MOU) with Sumitomo to dispose of a 20% stake in Press Metal Bintulu Sdn Bhd.

"The MOU has been entered into to record the understanding between the parties in respect of the vendor’s (PMB) intention to dispose of twenty percent (20%) equity interest in the target company to the purchaser. 

"The purchaser, with its extensive networking worldwide, actively trades in metals at an international and competitive level. The proposed transaction will enable the vendor to reap the synergy of the partnership and bring yet another of its subsidiary to its full potential.

Press Metal Bintulu will undertake aluminium smelting operations to produce aluminium ingots and billets once its plant in Samalaju Industrial Park, Sarawak, is fully operational.

The MOU is valid for six months. During the period, Sumitomo will conduct legal, financial and operational due diligence on Press Metal Bintulu. 

Sumitomo also owns 20% in another PMB subsidiary - Press Metal Sarawak Sdn Bhd.

Sumitomo eyes 20% stake in Press Metal subsidiary  

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