KUALA LUMPUR (June 19): Press Metal Bhd's share trade has been suspended since 9am today to facilitate a proposed share swap between the company and Press Metal Aluminium Holdings Bhd under an internal reorganisation.

Aluminium smelter Press Metal said this today in a statement on Bursa Malaysia's website. Prior to the suspension, Press Metal shares closed at RM2.68 last Friday.

According to Press Metal's shareholder circular, Press Metal had in July 2016 proposed the share swap on the basis of one Press Metal share for one new share in Press Metal Aluminium.

Press Metal Aluminium will assume the listing status of Press Metal, which will be delisted from Bursa Malaysia, according to the circular.

The corporate reorganisation includes a warrant swap between Press Metal and Press Metal Aluminium on the basis of one Press Metal warrant for one new warrant in Press Metal Aluminium, the circular indicated.