Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (April 21): The Employees Provident Fund (EPF) board has increased its stake in Press Metal Aluminium Holdings Bhd to 5.01%. The provident fund is now a substantial shareholder of the aluminium smelter.

In a filing with Bursa Malaysia today, Press Metal announced that the EPF bought an additional 2.1 million shares last Thursday (April 16) when its closing price was at RM3.80. The block of shares bought has raised EPF’s total shareholding to 202.1 million shares.

In terms of valuation, Southeast Asia’s largest aluminium smelter is trading at a trailing 12 months price-to-earnings (TTM P/E) of 32.17 times, compared with 39.67 times at the beginning of this year. 

However, it is slightly more expensive when compared with its five-year average P/E of 27.24 times.

At 5pm, shares in Press Metal closed 18 sen or 4.56% lower at RM3.77, bringing its market capitalisation to RM15.22 billion. Some 1.71 million shares were traded.

Year-to-date, the counter has fallen some 19% from RM4.65. It tumbled to a low of RM2,85 last month. Nonetheless, it has staged a strong rebound since then. Press Metal’s share price has surged by nearly one-third from the recent low.
 

      Print
      Text Size
      Share