Malaysian tycoon and Chinese billionaire seals multi-million-dollar stake swap

According to an announcement on June 20, 2024, Koon's Press Metal Aluminium Holdings will trade its complete 25 per cent ownership in Bintan Alumina Indonesia for a 25.6 per cent stake in Song's Nanshan Aluminium International Holdings.

Nanshan Aluminium, a subsidiary of Shandong Nanshan Aluminium, plans to spin off and independently list on the Hong Kong Stock Exchange to secure funds for future growth. The move will follow the completion of its proposed transaction with Press Metal by July 31, after which it will apply for its initial public offering.