Koon Poh Keong, brothers become Malaysia’s 2nd richest as outlook strengthens on Southeast Asia’s largest aluminum smelter
Koon Poh Keong and his four siblings, who control Southeast Asia’s largest aluminum smelter Press Metal Aluminum Holdings, have risen to the second rank in Malaysia’s wealth this year thanks to a surge in the metal prices.
Shares of Press Metal have surged 73% since the wealth of the brothers was last assessed, giving them a total net worth of US$9.7 billion, ranking only behind the country’s richest man Robert Kuok with a net worth of $13.6 billion, according to U.S. magazine Forbes.
Koon Poh Keong, CEO of Press Metal Aluminum Holdings. Photo courtesy of the company |
Press Metal, with annual capacity exceeding one million tons, posted a record net profit of MYR2.1 billion ($520 million) last year, up 19% from 2024, on revenue that rose 8.7% to about MYR16 billion.
In a February report, analyst Iftaar Hakim Rusli of Kuala Lumpur-based RHB Research maintained a “buy” rating on the stock and expects the company’s fundamentals to remain strong this year.
Despite global uncertainties, the brothers, who hold executive roles at Press Metal, with eldest sibling Poh Keong serving as group CEO, are continuing to expand.
Last June, they broke ground on a $750 million alumina refinery in Indonesia’s West Kalimantan province, according to oil news platform Petromind. The facility, 80%-owned by Press Metal, is slated to begin operations next year.
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