Posted on 10 Oct 2024
Indonesian state-owned miner PT Aneka Tambang (Antam) has acquired 30% in a smelter directly controlled by an Indonesian subsidiary of Chinese stainless steel giant Tsingshan Holding Group, PT Jiu Long Metal Industry (JLMI), Kallanish learns from an Antam exchange filing.
Antam, through its subsidiary PT Gag Nickel (PTGN), signed a share purchase transaction contract with the seller Singapore-headquartered Newton International Investment Pte. Ltd. (NII) on 3 May. On 3 October, the deed of share transfer was settled.
The transaction is valued at $102.5 million. “With the implementation of the transaction, where in the future PTGN as the shareholder of JLMI will receive dividends from JLMI, on a consolidated basis it will also provide additional net income for the company,” Antam said in the exchange filing.
“Its implementation is also expected to support the Government of Indonesia’s efforts in developing the national electric vehicle ecosystem,” Antam adds.
As of the date of the disclosure, NII still held the remaining 70% stakes in JLMI. NII is indirectly controlled by Tsingshan Group through its HK subsidiary Eternal Tsingshan Group Limited (ETGL).
This deal is the beginning of of a series of transactions. PTGN will also supply ore to another ETGL subsidiary PT Universal Metal Trading in Indonesia, and provide a shareholder loan to JLMI.
Source:Kallanish
