KUALA LUMPUR (Sept 10): Press Metal Aluminium Holdings Bhd (KL:PMETAL) said a fire incident occurred at its phase 3 smelter in the Samalaju Industrial Park on Monday (Sept 9) night. 

The fire, which occurred shortly after 11pm, has since been extinguished. The smelter is owned by Press Metal’s 80%-owned unit Press Metal Bintulu Sdn Bhd, it said. 

Shares of Press Metal fell as much as 6.62% or 31 sen at Tuesday’s start following the news, and traded sideways for the rest of the morning session.

“Approximately 9% of our total smelting capacity (across Samalaju and Mukah) was impacted,” it said.

“We estimate that it will take approximately four months to restore operations of the damaged pots,” Press Metal said. 

“Hence, on a full-year basis, this impacts about 3% of our annual smelting capacity. The affected assets are adequately covered by insurance,” the firm added.

Press Metal said the fire affected 100 of 300 pots in the phase 3 smelter, while phase 1 and 2 were unaffected. There were no injuries or fatalities, it said. 

Shares of Press Metal traded at RM4.45 at noon break on Tuesday, still down 4.91% or 23 sen. At its last traded price, the counter was valued at a market capitalisation of RM36.67 billion.