Press Metal seeks to waive early redemption of convertible loan stocks

By Marisa Wong

Madison, Wis., Jan. 28 - Press Metal Bhd. is proposing to waive the mandatory early redemption requirement under its 6% redeemable convertible secured loan stocks, according to a Bursa Malaysia announcement.

The terms of the securities require Press Metal to redeem and cancel 5% of the convertible loan stocks on Feb. 18 in connection with the company's proposed disposal of a 20% equity interest in wholly owned subsidiary Press Metal Bintulu Sdn. Bhd.

The company wants to waive the redemption so that it can use proceeds from the disposal to pare down its short-term bank loans.

The proposed waiver is subject to shareholders' approval and consent from lenders of Press Metal's syndicated term loan.

As of Dec. 31, the outstanding amount of the convertible loan stocks was RM 317,046,268.

The aluminum extrusion company is based in Klang, Selangor, Malaysia.

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