Harum Energy subsidiary purchases 24.5% stake in Infei Metal for US$ 68.6 million
JAKARTA. PT Tanito Harum Nickel, a subsidiary of PT Harum Energy Tbk (HRUM), recently purchased 24.5% stake in PT Infei Metal Industry (IMI) at a price of US$ 68.6 million to strengthen its downstream nickel business.
Ray A. Gunara, President Director of HRUM, said that the total IMI shares purchased by Tanito Harum were 259,603 shares. "The purpose of the transaction carried out by the company is to develop the company's downstream nickel mining business to the processing stage," said Gunara.
In the disclosure of information on the Indonesia Stock Exchange, Gunara admitted that the purchase of IMI shares is not included in the category of material transactions, as regulated by the Financial Services Authority (OJK). For information, IMI itself runs a nickel refining business in Indonesia.
According to idnfinancials.com data, HRUM has total equity of US$ 422.1 million as of September 30, 2020. Meanwhile, the company's cash and cash equivalents were recorded at US$ 239.04 million. (KR/LM)