The Board of Directors of the Company ("Board") wishes to announce that the Company proposes to undertake the Proposed Share Swap, which shall be implemented via the following transactions:

(i) proposed disposal and sale by the Company of 3,856,033 ordinary shares representing 25% of the equity interest in PT BAI to Hong Kong Prime Aluminium Investment Limited ("HK PAI") for a consideration of US Dollars ("USD") 329,798,445.90 (equivalent to approximately Ringgit Malaysia ("RM") 1,554,999,672.42) to be fully satisfied by the issuance of a promissory note by HKPAI to the Company ("Proposed Disposal"); and

(ii) proposed subscription by Press Metal International Resources (HK) Limited ("PMIRHK"), a wholly-owned subsidiary of the Company of 25,588,536 ordinary shares representing approximately 25.59% of the equity interest in NAIHL for a consideration of USD329,798,445.90 (equivalent to approximately RM1,554,999,672.42) to be fully satisfied by a promissory note to NAIHL ("Proposed Subscription").

Accordingly, on 20 June 2024, the Company had entered into the following agreements:

(a) an agreement for sale and purchase, with HK PAI, in relation to the Proposed Disposal ("SPA"); and

(b) a subscription agreement, with PMIRHK and NAIHL, in relation to the Proposed Subscription ("SSA").

Please refer to the attachment for further details on the Proposed Share Swap. 

This Announcement is dated 20 June 2024.