JAKARTA - PT Harum Energy Tbk (HRUM) is gaining optimism in the nickel industry after succeeding in swapping debt to equity for two of its subsidiaries, PT Tanito Harum Nickel (THN) and PT Harum Nickel Perkasa (HNP).

Both companies issued shares that will be transferred to PT Puring Investasi Indonesia (PII) and PT Aster Investasi Indonesia (AII).

In the information disclosure quoted Monday (30/12), Ray A. Gunara, President Director of HRUM, confirmed that total value of mandatory convertible bonds by HNP and THN clocks up to USD 411.91 million.

“The mandatory convertible bond was initially issued by HNP and THN for Ever Rising Limited (ERL), before being transferred to its strategic partners, PII and AII,” Gunara explained. For the record, PII and AII are not affiliated with HRUM.

After this debt-to-equity swap, HRUM will record shares ownership in HNP of 51%, and PIII, 49%. Meanwhile, HRUM’s portion in THN will be 64.75%, and AII 17.76%.

According to Gunara, this debt-to-equity swap is a follow-up measure for strategic partnership that includes consolidating ownership and management of assets in nickel business as a part of the company’s portfolio. (LK/ZH)