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Article: Press Metal gets Islamic loan to build smelter plant
- Article from:
- New Straits Times
- Article date:
- October 31, 2008
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New Straits Times
10-31-2008
Press Metal gets Islamic loan to build smelter plant
Edition: Main/Lifestyle
Section: Business Times
Type: Company
PRESS Metal Bhd, an aluminium extruder, has secured a syndicated Islamic loan of up to RM355 million to develop Malaysia's first aluminium smelter plant in Sarawak.
The amount will be enough to finance 70 per cent of the first phase of the plant, which will have a production capacity of 50,000 tonnes a year, its chief executive officer Datuk Paul Koon said.
The rest will be funded through equity.
The plant is expected to be operational in the second quarter of next year.
"This is only the initial phase. We will continue to build subsequent phases ...
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