JAKARTA. PT Merdeka Battery Minerals Tbk (MBMA) has officially taken over 60% of PT Huaneng Metal Industry (HNMI), a non-ferrous metal manufacturer, spending USD 75 million in the process.

The entire shares acquired by MBMA consist of 27,527 units of new shares issued by HNMI. The remaining 36,909 shares are bought from Plenceed International Industrial Limited, while another 80 are from Perlux Limited.

“The acquisition of HNMI has taken effect since May 31, 2023,” the management of MBMA mentioned in the official disclosure.

The management of MBMA mentioned that this acquisition is intended to support the plan to enhance the company’s market share in the global market, especially in relation to the electronic vehicle (EV) industry. This action will be included in the company’s business expansion plan outside its core business.

“This action is believed by the company to be the initial step in developing the performance of the company’s subsidiary by providing synergy and sustainability of the nickel’s production line, right until the end product,” the management of MBMA explained further. (KR/ZH)