CNGR Advanced Material to Restructure Indonesian Nickel Mining Assets

MT Newswires Live10-23 13:59

CNGR Advanced Material (HKG:2579, SHE:300919) agreed to buy the remaining 53.3% stake in Hanking (Indonesia) Mining for about $107.9 million as part of a restructuring to consolidate its Indonesian nickel mining interests, according to a filing with the Hong Kong bourse on Thursday.

The plan also includes a proposed rights issue by Indonesian-listed PT Abadi Nusantara Hijau Investama (ANHI) to raise up to $463 million and ANHI's proposed acquisition of Denway Development for $324 million.

CNGR's subsidiary expects to provide up to $418 million in standby subscription commitments for ANHI's rights issue, in addition to exercising its own subscription rights.

Upon completion, CNGR expects to wholly own Hanking (Indonesia) Mining and hold at least 50% of ANHI, which would wholly own Denway Development.

The restructuring aims to consolidate the group's nickel mining assets and strengthen its control over upstream nickel resources in Indonesia.

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