Press Metal falls 1.24% on proposing IMTN of RM5b to raise funds

TheEdge Tue, Aug 13, 2019 09:36am - 4 years View Original


KUALA LUMPUR (Aug 13): Shares in Southeast Asia’s largest aluminium smelter Press Metal Aluminium Holdings Bhd fell 1.24% this morning after the company proposed an Islamic medium term notes (IMTN) programme of up to RM5 billion to raise funds for its Shariah-compliant general corporate purposes.

However, the decline also tracked the overall poor market sentiment in tandem with the fall at regional markets. The FBM KLCI was down 14.22 points to 1,600.40 as at the time of writing.

At 9.14am, Press Metal fell 6 sen to RM4.80 for a market capitalisation of RM19.37 billion.

The proceeds from the sukuk issuance shall be utilised for the group’s general corporate purposes including capital expenditure, working capital requirements, investments and refinancing of existing financing/borrowings.

 

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