How Malaysia’s 2nd richest billionaires Koon Poh Keong and brothers turned 12-person firm into Southeast Asia’s biggest aluminum smelter
Press Metal started with only 12 workers in a small rented factory and grew into Southeast Asia’s largest aluminum smelter and extruder, making the Koon brothers who founded it Malaysia’s second-richest people.
Malaysia's second wealthiest billionaire family, the Koon brothers and their six other siblings, have transformed a 12-person firm into Southeast Asia's leading aluminum smelter. The group CEO, Koon Poh Keong, is the youngest of the six entrepreneurs who founded the company Press Metal in 1986. Initially struggling to find employment after graduating from the University of Oklahoma, Koon and his brothers pooled $50,000 to establish an aluminum extrusion business in a rented factory in Puchong, Selangor.
The business grew rapidly, moving to a new factory in Kapar, Selangor, before going public in 1993 and expanding its exports to Europe, Australia, and New Zealand. Seeking new opportunities amidst fierce competition, the Koon brothers ventured into China in 2005, establishing an aluminum extrusion plant in Foshan, Guangdong Province. This strategic move proved highly successful, positioning Press Metal as a major player in China's booming economy.
Recognizing the potential in upstream smelting, Press Metal entered the aluminum production market by opening its first smelting plant in Sarawak in 2009. Leveraging Chinese technology and Sarawak's abundant and cheap power, the company maintained efficiency and quality in its smelting operations. A 25-year power purchase agreement further secured low-cost energy for the company.
Despite setbacks like a power outage forcing the closure of its first smelter in Sarawak and a fire at a Phase 2 plant, Koon's steadfast leadership guided Press Metal through the challenges, expanding its smelting capacity. In 2025, the firm reported a net profit of RM2.1 billion (US$467 million), up 19% from the previous year, with revenue growing 8.7% to RM16.2 billion.
This growth, coupled with soaring aluminum prices due to geopolitical tensions, has significantly increased the Koon brothers' wealth, making them Malaysia's second richest family with an estimated net worth of $9.7 billion.
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