Malaysian billionaire Koon brothers sell 35.6% stake in silicon metal producer to their flagship Press Metal
Southeast Asia's largest aluminium smelter Press Metal is buying from its controlling shareholders, Malaysian billionaire Koon brothers, an additional 35.6% stake in silicon metal producer PMB Technology.
Malaysian billionaire Koon brothers have sold a 35.6% stake in silicon metal producer PMBT to their parent company, Press Metal Aluminium Holdings. The deal is valued at RM464.95 million (US$113.6 million), raising Press Metal's stake to 58.8% and making it a subsidiary. The Koon siblings - Koon Poh Keong, Koon Poh Ming, Koon Poh Tat, Koon Poh Weng, and Koon Poh Kong - all serve on Press Metal's board.
The price per share is RM0.70, below the company's latest audited and unaudited net assets per share. The transaction is a related-party deal, and financing will come from Press Metal's internal funds. The acquisition aims to transition PMBT's operations from silicon metal manufacturing to higher-margin silicon-aluminum alloys, expanding capacity and utilizing existing facilities.
Press Metal expects strong demand for silicon-aluminum alloys due to clean energy applications and long-term uses in electric vehicles, renewable energy infrastructure, and AI data centers. RHB Research believes the acquisition will bolster Press Metal's downstream expansion strategy by providing access to sustainable energy supply.
The Koon brothers founded Press Metal in 1986, evolving it from a rented factory into Southeast Asia's largest integrated aluminum producer. The siblings collectively control the company, with Poh Keong serving as group CEO. Forbes recently ranked them second on Malaysia's rich list, with a combined net worth of $9.7 billion.
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