Conglomerate Kiki Barki Acquires IDR 1.12 Trillion Or 51 Percent Shares Of A Singapore Nickel Company
JAKARTA - The company owned by the conglomerate Kiki Barki, PT Harum Energy Tbk (HRUM) is increasingly aggressively expanding by acquiring a nominal share of nickel companies based abroad. After acquiring Nickel Mines Limited from Australia for 34.26 million US dollars or equivalent to IDR 369 billion, Harum Energy through its subsidiary PT Tanito Harum Nickel, acquired 51 percent of PT Position's shares owned by Aquila Nickel Pte Ltd or the equivalent of 24.287 company shares.
Aquila is a Singapore-based company. The price paid by Harum Energy was USD 80.33 million or IDR 1.12 trillion (exchange rate of IDR 14,000 per US dollar).
Quoted from the disclosure of information on the Indonesia Stock Exchange (IDX) website, Harum Energy President Director Ray A Gunara said PT Position is a limited company established under Indonesian law and has a Mining Business License (IUP) for nickel commodities.
"The objective of the transaction carried out by the company is to develop and expand business activities in the mining sector", Ray said, quoted by VOI, Wednesday, February 3.
Harum Energy management further explained that there was no significant/material impact from the purchase of these shares on the operational, legal, financial condition or business continuity of the company.
In June 2020, Harum Energy also made a share purchase transaction of an Australian nickel mining company, Nickel Mines Limited. The acquisition of Nickel Mines Ltd's shares is an investment and part of the company's business diversification into the non-coal sector.
Quoting CNBC Indonesia, Nickel Mines Ltd, is an Australian public company engaged in the mining business that produces nickel pig iron (NPI), one of the main ingredients in the production of stainless steel.
Nickel Mines holds 60 percent ownership in the Hengjaya Nickel and Ranger Nickel projects, both of which operate the Rotary Kiln Electric Furnace (RKEF) plant that produces NPI in Indonesia's Morowali Industrial Park. The company was listed on the Australian stock exchange on August 20, 2018.