Press Me­tal plans to is­sue RM1.7b notes

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Press Me­tal Alu­minium Holdings Bhd’s re­cently-in­cor­po­rated unit Press Me­tal (Labuan) Ltd plans to is­sue US-dol­lar de­nom­i­nated se­nior notes of up to US$400mil (RM1.7bil).

In a fil­ing with Bursa Malaysia, South-East Asia’s largest alu­minium smelter said that the net pro­ceeds from the is­suance of these Reg­u­la­tion S notes, if and when suc­cess­fully is­sued, would be used to re­fi­nance ex­ist­ing debts and for gen­eral cor­po­rate pur­poses.

(Reg­u­la­tion S was en­acted by the US Se­cu­ri­ties and Ex­change Com­mis­sion to al­low of­fers of se­cu­ri­ties out­side of the US with­out reg­is­tra­tion un­der the Se­cu­ri­ties Act.)

Press Me­tal said it had re­ceived Bank Ne­gara’s ap­proval on Fri­day for the is­suance of these notes with a five-year ten­ure.

Press Me­tal re­cently re­ported unau­dited earn­ings of RM298.22mil for the first half-year ended June 30, 2017, up 24% from the cor­re­spond­ing pe­riod last year, on 43% higher rev­enue of RM4.1bil.

The Press Me­tal group’s gear­ing was re­duced from 1.3 to 1.1 dur­ing the last fi­nan­cial year, mainly con­trib­uted by the in­crease in its share­hold­ers’ net worth and re­duc­tion in its bor­row­ings due to loan re­pay­ments.

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