KUCHING: Press Metal Aluminium Holdings Bhd (Press Metal) is effectively moving upstream with its latest investment in alumina producer PT Bintan Alumina Indonesia (PT BAI), analysts note in a company update.

In a filing on Bursa Malaysia, Press Metal announced that the group entered into a memorandum of understanding (MoU) with PT BAI and its direct and indirect shareholders, which are Shandong Nanshan Aluminium Co Ltd (Nanshan Aluminium), Redstone Alumina International Pte Ltd (Redstone), and PT Mahkota Karya Utama (PT MKU).