Press Metal Surge Pushes Koon Poh Keong to No. 2 Richest in Malaysia

In 1986, during one of Malaysia’s toughest economic periods, five brothers pooled together just RM200,000 to start a small aluminium extrusion business in a rented factory in Puchong. That small venture would eventually become Press Metal Aluminium Holdings, a name that today stands at the centre of Southeast Asia’s aluminium industry.

From that modest beginning, Press Metal Aluminium Holdings has grown into Southeast Asia’s largest integrated aluminium producer. Its co-founder, Koon Poh Keong, and his siblings have now risen to the No. 2 spot on the Forbes Malaysia’s 50 Richest list, with a combined net worth of US$9.7 billion (RM38.46 billion).

The transformation is striking, but it is not built on luck. It is the result of decades of disciplined expansion, calculated risk-taking, and long-term strategic thinking that positioned Press Metal far ahead of many of its peers.

A Record-Breaking Surge

On 24 April, shares of Press Metal climbed to a record high, reinforcing its position as one of the most valuable companies on Bursa Malaysia. The stock closed at RM8.42, giving the company a market capitalisation of approximately RM69.38 billion, placing it among the country’s largest listed players.

At first glance, the surge in the Koon family’s wealth appears sudden. Shares of Press Metal have risen by more than 70%, pushing their net worth up by about 80% and placing them just behind Robert Kuok.

Global aluminium prices have climbed from around US$3,100 per tonne to about US$3,600, driven by supply disruptions and geopolitical tensions. While many producers are pressured by rising costs, Press Metal is structured to benefit from higher prices, not be constrained by them.

The Rise of Press Metal and Koon Poh Keong

The story of Press Metal Aluminium Holdings began in 1986, during a period when Malaysia was mired in an economic crisis triggered by high interest rates in the United States, which led to a collapse in commodity prices. Jobs were scarce, and the outlook was uncertain.

For Koon Poh Keong, the youngest of seven brothers, the timing could not have been more uncertain. Freshly graduated with a degree in electrical engineering from the University of Oklahoma, he returned to Malaysia and, together with his brothers, decided to venture into aluminium extrusion, despite having almost no technical experience in the field.

What they did have was exposure. The family had been involved in hardware and trading, dealing in materials such as steel, copper, and aluminium. It was enough to spark an idea. As Koon once reflected, they believed aluminium extrusion was “something we could start.”

The business began as a small operation in Puchong with just 12 workers, where the brothers were deeply hands-on, learning every aspect of the trade as they built it. As the company expanded, it moved to Kapar, Selangor, marking its first step towards scaling beyond its humble beginnings.

Within just seven years, the company reached a significant milestone by listing on the Second Board of the Kuala Lumpur Stock Exchange. This move reflected an early understanding that access to capital would be critical for long-term growth.

Inside Press Metal: From Small Start to Industry Leader

From its early days as a simple extrusion company, Press Metal gradually transformed itself into a fully integrated aluminium player, controlling the entire value chain from upstream raw materials to downstream finished products.

This shift was not merely expansion. It was a strategic repositioning.

In the aluminium industry, margins are shaped by energy costs, supply chain stability, and operational efficiency. By integrating its operations, Press Metal reduced reliance on external suppliers and gained tighter control over profitability.

One of its most important decisions was its move into Sarawak, where it secured long-term hydropower agreements. Aluminium smelting requires enormous amounts of energy, and this access to stable, lower-cost electricity gave the company one of the lowest cost structures in the region.

Over time, this became a powerful competitive advantage, allowing Press Metal to compete not just locally, but with global industry leaders.

The Making of an Aluminium Powerhouse

From those early foundations, Press Metal gradually evolved into a fully integrated aluminium player, controlling the value chain from upstream raw materials to downstream finished products. This shift was not merely expansion. It was a strategic repositioning designed to strengthen control and improve margins.

In the aluminium industry, profitability is shaped by energy costs, supply chain stability, and operational efficiency.

By integrating its operations, Press Metal reduced dependence on external suppliers and gained tighter control over its cost structure, allowing it to operate more efficiently across cycles.

One of the company’s most decisive moves was its expansion into Sarawak, where it secured long-term hydropower agreements. Aluminium smelting requires enormous amounts of energy, and access to stable, lower-cost electricity gave Press Metal one of the most competitive cost bases in the region.

Over time, this decision evolved into a sustainable competitive advantage. It allowed Press Metal to compete not only locally, but also with global industry leaders, positioning the company as a key player in the international aluminium supply chain.

Expanding Beyond Borders at the Right Time

A defining moment in Press Metal’s journey came in the early 2000s, when the Koon brothers expanded into China. At the time, this was not an obvious move. Many companies remained cautious about entering a rapidly evolving market.

Press Metal chose a different path.

By establishing a large-scale aluminium extrusion plant in Guangzhou, the company positioned itself directly within China’s industrial growth cycle. This move accelerated its scale and manufacturing capability far beyond what would have been possible domestically.

The expansion continued with smelting operations in China, followed by the development of Malaysia’s first aluminium smelting plant in Mukah, Sarawak, and further growth in Samalaju. Over time, Press Metal extended its reach across Europe, Australia, and New Zealand, supplying industries such as automotive, aviation, construction, and packaging.

This progression from a local manufacturer to a global industrial player reflects a disciplined, step-by-step expansion strategy that has been executed consistently over decades.

Scaling Into a Regional Giant

Today, Press Metal Aluminium Holdings operates at a scale that few companies in the region can match. Its production capacity exceeds one million tonnes annually, firmly positioning it as a major force in the global aluminium market.

The company is now deeply embedded in international supply chains, supplying aluminium to industries ranging from technology and transportation to consumer goods. Its ability to deliver consistent quality at scale has strengthened its position as a trusted global supplier.

Its financial performance reflects the strength of this long-term strategy. Press Metal recorded a net profit of RM2.1 billion in 2025, representing a 19% year-on-year increase, supported by stronger pricing and operational efficiency.

At the same time, the company has taken a disciplined approach to risk. By hedging a significant portion of its production, it is able to secure earnings visibility, while still maintaining exposure to favourable market prices.

Looking ahead, Press Metal continues to strengthen its position upstream. Its investment in a US$750 million alumina refinery in Indonesia, where it holds a majority stake, reflects a clear strategy to secure raw material supply, improve cost control, and support long-term margin growth.

The Press Metal Transformation

The rise of Koon Poh Keong is not simply a story of wealth. It reflects the emergence of a Malaysian industrial champion built on resilience, discipline, and long-term thinking.

From a modest start of RM200,000 to a company now worth nearly RM70 billion, Press Metal Aluminium Holdings represents what is possible when vision meets discipline over time.

What began as a small operation during a period of uncertainty has, through years of steady execution, grown into a business with global reach and industrial strength.

While many focus on how fast a business can grow, this story highlights something more important, how well it is built. Every phase of growth was anchored in strong foundations, from infrastructure and energy security to operational efficiency and cost discipline.

And in that, it offers a quiet but powerful lesson.

Sustainable success is not rushed. It is constructed, patiently and intentionally, over time.

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