JAKARTA – PT Indika Energy Tbk (INDY) will invest USD 10 million in the initial public offering (IPO) of Nanshan Aluminium International Holdings Limited on the Hong Kong Stock Exchange (HKEX).

In a disclosure on Monday (17/3), Adi Pramono, Corporate Secretary of INDY, said the investment would be made through PT Perkasa Investama Mineral (PIM), a subsidiary, as a cornerstone investor in Nanshan’s IPO.

“The investment will be finalised on the listing date, with the transfer of shares through the Hong Kong Central Clearing and Settlement System (CCASS), scheduled for 25 March 2025,” he stated.

The investment is part of a Cornerstone Investment Agreement between INDY as the investor; Nanshan as the IPO company; CMB International Capital Limited as the capital market intermediary, joint global coordinator, joint bookrunner, joint lead manager, and financial adviser; and Huatai Financial Holdings (Hong Kong) Limited as the sole sponsor and sole overall coordinator.

According to him, this investment will enhance operational capabilities by diversifying the portfolio and expanding the company’s presence in international markets. (LK/ZH)