KUALA LUMPUR (Feb 9): Moody's Investors Service had yesterday withdrawn Press Metal Aluminium Holdings Bhd's Ba3 corporate family rating and negative outlook for business reasons.

"Moody's has decided to withdraw the rating for its own business reasons,” bond rating firm Moody’s said in a statement yesterday.

Moody’s, however, did not specify in the statement the reasons behind the withdrawal of Press Metal’s rating.

According to Press Metal's website, the group started as a local aluminium extrusion company in 1986. 

After over 30 years of growth, the company claimed it is today a globally integrated aluminium producer with the largest presence in Southeast Asia. 

"From upstream smelting activities to downstream extruding operations, Press Metal is a fully integrated producer of aluminium products.

"With three smelting plants in Malaysia alone, we have an annual capacity of 760,000 tonnes of primary aluminium production," the company said. 

On Bursa Malaysia today, Press Metal’s share price rose 22 sen or 2.67% at 11:49am to RM8.46 for a market value of about RM34.18 billion.

The stock was traded between RM8.49 and RM8.34 so far today.