GEM signs Equity Transfer Agreement to acquire Indonesian nickel resources
2021-03-25 17:12:04 [Print]
GEM announced that on March 23, 2021, GEM Hong Kong International Logistics Co., Ltd., a wholly-owned subsidiary of the company, signed the Equity Transfer Agreement of Qingmeibang New Energy Materials Co., Ltd. (Equity Transfer Agreement 1) with Hongkong Brunp, Guangdong Brunp Recycling Technology Co., Ltd. and the target company. Hongkong Brunp transferred its 15% equity and corresponding rights and obligations of the target company to GEM Hong Kong.
At the same time, the company and its subordinate companies Jingmen GME New Material and GME Hong Kong, signed the Equity Transfer Agreement (Equity Transfer Agreement 2) with Newstride Limited and Xinzhan International. Newstride Limited transferred 100% shares of Xinzhan International to GME Hong Kong, which indirectly transferred 21% shares of Qingmeibang.
Through the signing of Equity Transfer Agreement 1 and Equity Transfer Agreement 2, the company's subordinate companies increased the total direct and indirect shareholding of Qingmeibang company to 72%, becoming the controlling shareholder of Qingmeibang.
The signing of the Equity Transfer Agreement will help GME to fully seize the initiative of Indonesian nickel resources project, seize the opportunity of nickel resources under the general trend of global new energy power NCM batteries rapidly developing in the direction of high nickel and low cost, and fully focus on the development of new energy business with NCM precursor, cobalt tetroxide and power battery recycling as the mainstay, and provide strategic nickel resource guarantee for the GEM's global competitive position as a high-nickel precursor material manufacturing enterprise.
At the same time, the company and its subordinate companies Jingmen GME New Material and GME Hong Kong, signed the Equity Transfer Agreement (Equity Transfer Agreement 2) with Newstride Limited and Xinzhan International. Newstride Limited transferred 100% shares of Xinzhan International to GME Hong Kong, which indirectly transferred 21% shares of Qingmeibang.
Through the signing of Equity Transfer Agreement 1 and Equity Transfer Agreement 2, the company's subordinate companies increased the total direct and indirect shareholding of Qingmeibang company to 72%, becoming the controlling shareholder of Qingmeibang.
The signing of the Equity Transfer Agreement will help GME to fully seize the initiative of Indonesian nickel resources project, seize the opportunity of nickel resources under the general trend of global new energy power NCM batteries rapidly developing in the direction of high nickel and low cost, and fully focus on the development of new energy business with NCM precursor, cobalt tetroxide and power battery recycling as the mainstay, and provide strategic nickel resource guarantee for the GEM's global competitive position as a high-nickel precursor material manufacturing enterprise.
Nickel Ore Philippine 0.8%min CIF China
Unit:USD/mt
China nickel sulfate producers' number MoM output increase statistics by province by month
Unit: pcs
