JAKARTA - PT Aneka Tambang Tbk (ANTM) announces the completion of a series of shares’ sale and purchase, as well as an establishment of a new joint venture (JV) with HongKong CBL Limited (HKCBL), regarding its plan of nickel downstream to further advance the electric vehicle (EV) battery ecosystem in Indonesia.

According to the information disclosure in Indonesia Stock Exchange (IDX) today (29/12), on December 28, 2023, Antam has concluded the sale and purchase of shares of two (2) of its subsidiaries, PT Sumberdaya Arindo (SDA) and PT Feni Haltim (FHT), with HKCBL.

HKCBL is known as a subsidiary of Ningbo Contemporary Brunp Lygend Co. Ltd. (CBL), an EV battery manufacturer based in China.

In addition, to smooth out its integrated nickel downstreaming initiative, Antam also forms a joint venture with HKCBL to carry our hydrometallurgy project (HPAL JVCO).

“Antam and HKCBL has signed an agreement related to the plan to establish HPAL JVCO based on a Joint Venture Agreement between Antam and HKCBL on December 22, 2023,” added the management of Antam in the press release.

In relation to the sale and purchase of shares of SDA, the previous Conditional Share Purchase Agreement (CSPA) had been signed by both parties on January 16, 2023.

“After the transaction, the company will remain as the controlling shareholder of SDA, thus not changing SDA’s status as a subsidiary consolidated into the company’s financial report,” confirmed the management last January.

Unlike SDA, after the CSPA signing on May 4, 2023, and the completion yesterday (28/12), FHT will no longer be consolidated to Antam as its subsidiary.

It is worth mentioning that FHT used to be under PT International Mineral Capital (IMC), an entity fully owned by Antam.

This collaboration with HKCBL is a part of EV battery ecosystem development, also covering the supporting infrastructure and facilities, including the formation of 4 production lines in a Rotary Kiln Electric Furnace (RKEF) to be operated in East Halmahera, North Maluku.

Antam surely wishes that this EV battery ecosystem may grant added value and increase the company’s business scale. “Such transactions will lay an essential foundation for the development of EV battery ecosystem in Indonesia,” concluded the management of Antam in its official disclosure. (ZH)