KUALA LUMPUR (June 19): Press Metal Aluminium Holdings Bhd is on the hunt for acquisitions to meet growing capacity needs. Its smelting operations are now running at full capacity.

"Our position now is to grow the group inorganically. We have been expanding purely via organic growth in the last seven and eight years," its group chief executive officer and co-founder Tan Sri Paul Koon Poh Keong told reporters after the group's annual general meeting today.

Koon said Press Metal's acquisition target could be either downstream or upstream players, but unlikely ones that are local.

"In Malaysia, we probably would not be able to find that many [players] especially in the upstream [business]. So, it has to be outside of Malaysia. Good assets are not easy to come by, but we are making it work," he added.

He noted that the group has various fundraising options available to it and has engaged with international financial institutions for when the opportunities arise.

At noon break, shares in Press Metal were down seven sen or 1.61% to RM4.27, valuing it at RM16.6 billion.