JAKARTA - PT Harum Energy Tbk (HRUM) is partnering with Eternal Tsingshan Group Limited (ET) in order to enhance its investment portfolio in nickel mining industry. The agreement signing took place two weeks ago, on April 5.

In the information disclosure quoted today (18/4). Ray A. Gunara, President Director of HRUM, confirmed that his party has signed a Memorandum of Understanding (MoU) with ET in regard to this nickel portfolio expansion. “In order to realise this strategic partnership, both companies will first issue mandatory convertible bonds (MCB), which will be acquired by strategic partners,” Gunara added.

These two subsidiaries in question are PT Harum Nickel Perkasa (HNP) with total ownership of 99.99% and PT Tanito Harum Nickel (THN) of 77.52%. Through them, HRUM claims majority of shares in PT Position, PT Infei Metal Industry, PT Westrong Metal Industry, and PT Blue Sparking Energy, as well as minority of shares in PT Sunny Metal Industry.

ET, the strategic partner of HRUM, is established in Hong Kong. It carries out investment in nickel processing and refinery in Weda Bay Industrial Zone, North Maluku. HRUM and ET are not affiliated.

In the future, after the conversion of MCB issued by both subsidiaries of HRUM, ET will claim a maximum of 49% of shares in HNP and THN, while HRUM owns the remaining 51%. (LK/ZH)