CNGR (300919.SZ) announced recently that the company's wholly-owned subsidiaries signed n Equity Transfer Agreement with Jiangsu Delong Nickel Industry Co., Ltd. And Xiangshui Heng Sheng Stainless Steel Casting Co., Ltd. regarding PT Nadesico Nickel Industry (PT NNI). Once this transaction is closed, CNGR's subsidiaries will together hold 67% stake in PT NNI, making it into a holding subsidiary of CNGR.
As of December 31, 2022, PT NNI's total assets were 2.346 billion yuan; its operating income was 0 and other income was 13.8413 million yuan; and its net profit was 13.7874 million yuan. Indonesia is one of the countries with the richest laterite nickel ore resources in the world. PT NNI, on the other hand, is one of the main components of the RKEF pyrometallurgy nickel matte projects of the Delong Phase III Industrial Park Project.
Written by Alex Xie, xiehan@mysteel.com
Edited by Aggie Hu, huchenying@mysteel.com