Nov. 05, 2013
Sumitomo Corporation to Participate in 2nd Phase of Aluminium Smelters in Malaysia
Today Sumitomo Corporation (SC) (Listed in Tokyo, Osaka, Nagoya and Fukuoka, Japan; President and CEO: Kuniharu Nakamura; Head Office: Chuo-ku, Tokyo) has entered into a share purchase agreement with Press Metal Berhad (PMB) (Listed in Malaysia; President and CEO: Dato’ Poh Keong Koon; Head Office: Selangor Darul Ehsan, Malaysia) for acquisition of a 20% share in the second phase of the aluminium smelting project in Sarawak, Malaysia (Capacity: 320,000 metric ton per year; Completion: the end of 2013) being developed by PMB through its 100% subsidiary, Press Metal Bintulu Sdn. Bhd. (PMBSB).
SC already has a 20% equity in the first phase of the PMB’s aluminium smelting project (Capacity: 120,000 metric ton per year).
PMB is the leading integrated aluminium company in Southeast Asia and has been promoting vertical integration of its aluminium operations. SC deals with primary aluminium metals widely in Japan and other Asian markets. SC expects this enhanced partnership with PMB will benefit its long term growth strategy in the aluminium business.