Press Metal bags RM110m aluminium ingot deal with Daching Enterprises

PRESS Metal Aluminium Holdings Bhd has sealed immediate export sales of aluminium ingots worth RM110 million to Daching Enterprises Ltd in 2023.

Both companies projected transactions of the same product valued at RM670 million will be happening for the next five years.

Press Metal in a statement today said the sale was secured during a meeting arranged by the Malaysia External Trade Development Corp (Matrade) last week.

“Press Metal’s alumunium ingots are low in carbon content and appeals to manufacturers who are now increasingly focused on climate commitments and looking to ensure ethical and sustainable practices across the supply chain,” it said.

China-based Daching Enterprises and its subsidiaries are one of the world’s largest manufacturers of aluminium foil with an annual production capacity of 120,000 tonnes for aluminium foil and 220,000 tonnes for aluminium sheets.

Its market share ranks among the Top 3 in the global thin gauge aluminium foil market, while its products are widely used in milk, beverage, food and pharmaceutical packaging, and as cathode foil in lithium batteries for electric vehicles.

“Press Metal is delighted with the assistance provided by Matrade in introducing reputable clients like Daching Enterprises.

“We hope there will be more matching that can be arranged especially since the international borders of China and Hong Kong have fully opened,” said Press Metal group CEO Tan Sri Paul Koon.

At the time of writing, Press Metal gained five sen or 1.01% at RM5 while its market capitalization stood at RM42 billion