JAKARTA. PT Gunung Raja Paksi Tbk (GGRP), one of the biggest steel manufacturers in Indonesia, has reportedly divested 76.07% of PT Nusantara Baja Profil (NBP).

The value of this divestiture of NBP was reported at USD 338.8 million or equal to IDR 5.22 trillion, according to Paulus Khierawan, Corporate Secretary of GGRP. This divestment plan had previously been announced by the company on March 21, 2024.

The entire shares were sold to 3 Japanese investors, namely PT Yamato Kogyo Co. Ltd., Siam Yamato Steel Co. Ltd., and PT Hanwa Indonesia.

After this divestment, GGRP will still own 5% of NBP’s shares. GGRP’s portion in NBP will be worth IDR 318.8 billion.

“Then, the entire divestment of NBP will be consolidated in the future financial report of the company and subsidiaries,” Khierawan said.

According to IDNFinancials data, NBP is a company engaged in the iron and steel manufacturing business. It started its commercial operation in 2023 and is located in Bekasi. NBP’s total assets as of December 31, 2023, was recorded at USD 357.16 million. (KR/ZH)