Singapore Investor Huaqi Takes Part in Capital Investment of Vale Indonesia Subsidiary Valued at Rp 764 M

JAKARTADAILY.ID – Singapore-based company Huaqi Pte. Ltd (Huaqi) made an investment in PT Kolaka Nickel Indonesia (KNI), which is also a subsidiary of PT Vale Indonesia Tbk (INCO).

"We hereby inform you that Huaqi has taken full part in the issuance of 764,000 new shares in KNI," said Corporate Secretary of INCO, Filia Alanda, in a written statement, quoted Monday, March 13, 2023.

According to the disclosure of information listed on the Indonesian Stock Exchange's website on Monday, this transaction is a continuation of the signing of the deed of amendment and restatement regarding the definitive cooperation agreement with Zhejiang Huayou Cobalt Co. Ltd dated February 27, 2023, in which INCO also entered into a joint venture agreement and shareholding agreement with Huaqi.

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Filia added that this transaction is not a material transaction for the Company (as referred to in the Financial Services Authority Regulation No. 17/POJK.04/2020 concerning Material Transactions and Changes in Business Activities) and is not an affiliated transaction and a conflict of interest (as referred to in the Financial Services Authority Regulation) Financial Services No. 42/POJK.04/2020 concerning Affiliated Transactions and Transactions with Conflicts of Interest).

With this transaction, the composition of KNI's shareholders became PT Vale Indonesia Tbk, totaling 191,000 shares with a total nominal value of IDR 191 billion and HUAQI (SINGAPORE) PTE. LTD. holds 764,000 shares with a total nominal value of IDR 764 billion.

"There is no impact of these material events, information, or facts on operational activities, law, financial condition, or the continuity of the Company's business for this transaction," he explained.

Kolaka Nickel Indonesia will be the implementing company for the nickel smelter project in Pomalaa, Kolaka Regency, Southeast Sulawesi.

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