Little was known about the Koon brothers although their company Press Metal has been listed on the stock exchange for many years. It was only in the last few years that Tan Sri Koon Poh Keong and his family came into the limelight after they were listed among the richest people in Malaysia since 2017.
Success in the aluminum industry
How did the Koon family rose to prominence? The success of Press Metal has been widely attributed to being able to secure low-cost power through its contract with Sarawak Energy Berhad. This occurred in 2012 with a contract set to go on for the following 25 years. Through this contract, Press Metal was able to produce more from its 2 smelting plants in Sarawak through the hydroelectric dams.
Rising up the rankings
The Koon family’s net worth in 2021 was reported to be about US$6.4 billion. From a privately-owned company, the family has built it from the ground up to become the largest aluminum producer in Southeast Asia. It now competes with some of the biggest names in the world including Aluminum Corp from China and Rio Tinto and Rusal. It holds a 50% share in Japan Alumina Associates where it now has access to one of the lowest-cost alumina producers in the world.
The plants operate at Samalaju and have been looking at expanding not only within Sarawak but to Peninsular Malaysia in Kapar as well as to China. These efforts will see Press Metal gain more ground as it continues to produce this material which has since benefited some of the biggest construction projects and developments across the world. After all, there are not many firms in the world that has the expertise and specialization in aluminum that Press Metal has been cultivating since it was established, putting it in a profitable and well-demanded position.
Source Of Wealth
The Koon family’s wealth comes from their aluminum buisness
Poh Keong’s family members include his brothers Koon Poh Ming, Koon Poh Tat, Koon Poh Weng and Koon Poh Kong who are all actively involved in the running of the group’s businesses.
Poh Keong holds a Bachelor of Science in Electrical Engineering from the University of Oklahoma, USA.