KUALA LUMPUR, Feb 27 (Bernama) -- Press Metal Aluminium Holdings Bhd has signed a memorandum of understanding (MoU) with Bintulu Development Authority for a proposed joint venture (JV) related to a solar frame extrusions facility to be located in Bintulu, Sarawak.
In a statement today, Press Metal said under the terms of the MoU, a special purpose vehicle would be formed to carry out the proposed JV, with Bintulu Development Authority holding a 20 per cent stake and Press Metal or its subsidiary holding the remaining 80 per cent stake.
The total estimated investment for the project is RM600 million, comprising a 20 per cent capital injection in proportion to the parties’ shareholdings, and 80 per cent external financing.
Press Metal said the solar frame extrusions facility, with an annual production capacity of 80,000 tonnes, is expected to commence operations by mid-2026, subject to regulatory approvals and final agreements.
Group chief executive officer Tan Sri Paul Koon believed the collaboration with Bintulu Development Authority marks a significant milestone in Press Metal’s journey towards supporting Sarawak’s vision of becoming a hub for renewable energy and sustainable industrial development.
“We believe this project will strengthen Sarawak's industrial ecosystem by expanding the value chain, creating greater opportunities for value-added activities, and simultaneously generating meaningful employment while empowering local talent,” he added.
-- BERNAMA
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