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Harum acquires majority stake at North Maluku nickel smelter

Wed 31 Jan 2024, 12:00 PM



PT Harum Energy Tbk (HRUM), through its subsidiary PT Harum Nickel Industry (HNI), has purchased 1.124 million shares, or 60.7 percent ownership, in PT Westrong Metal Industry (WMI) for USD 215.21 million.

As a result, HRUM holds 80.7 percent of the ownership of a nickel processing company or smelter in Weda Bay, North Maluku, as of January 26, 2024.

President and Director of HRUM, Ray A. Gunara, explained that the nickel processing and refining company purchase in Weda Bay is to increase business diversification through subsidiaries.

He continued that WMI will start commercial operations in the second quarter of 2024 with an annual installed production capacity of around 56 thousand tons of nickel contained in high-grade nickel-matte products.

"If it has been producing, the company will produce high-grade nickel-matte products, which are expected to provide better-added value than nickel products," he said in an official statement on Monday (1/29/2024).

He further explained that after this transaction, WMI's financial statements will be consolidated into the company's financial statements. Thus, WMI's performance will be reflected in the company's financial statements starting in the first quarter of 2024.

The seller of WMI shares consists of two previous shareholders, Prima Investment Capital Limited and Walsin Singapore Ltd.

Image source:

Source: USD215,21 Juta, Harum Energy (HRUM) Caplok Perusahaan Smelter Nikel

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