Press Metal Aluminium Holdings Bhd announced it will acquire a 35.6% stake in PMB Technology Bhd for RM464.95 million in cash, increasing its ownership from 23.2% to 58.8% and gaining controlling interest in the company [1, 2, 3, 4].

The stake being acquired comes from members of the Koon family, including CEO Koon Poh Keong (2.4%), executive vice chairman Koon Poh Ming (14%), and executive directors Koon Poh Tat (5.3%), Koon Poh Weng (12.3%), and Koon Poh Kong (1.6%) [1, 2, 3, 4].

Press Metal will pay 70 sen per share, which is slightly below PMB Technology's most recent audited net assets per share, valued at 72-73 sen [1, 2, 4]. PMB Technology’s shares last traded at RM1.78, giving the company a market capitalization of RM3.37 billion [1, 2].

The acquisition will be funded using Press Metal's internally generated funds and is subject to approvals from PMB Technology's board, Press Metal’s non-interested shareholders, and other regulatory and third-party consents [1, 2, 3, 4].

The Securities Commission Malaysia granted an exemption from the mandatory takeover offer requirement on July 23, 2026, as the ultimate controlling shareholders and collective shareholdings remain unchanged after the deal [1, 2, 3].

PMB Technology has faced financial challenges, posting a net loss of RM12.8 million in FY2025 compared with a net profit of RM110.4 million in FY2022 due to falling silicon metal prices and structural oversupply in the market [3].

Press Metal plans to shift PMB Technology's core business from silicon metal manufacturing to silicon-aluminium alloy smelting to improve margins. The company said it intends to capitalise on PMB Technology's secured 129 MW hydropower supply in the Sarawak Corridor of Renewable Energy to expand silicon-aluminium alloy production capacity [1, 3, 4]. Press Metal stated it aims to "drive PMB Technology’s business transformation from traditional silicon metal production to higher-margin silicon-aluminium alloy production" [4].

The deal is expected to be completed in the third quarter of 2026, pending all required approvals [3, 4].