CNGR to acquire 53.3% stake in HML
2026-10-26 11:05:45 [Print]
CNGR Advanced Material Co., Ltd. announced on October 22 that it plans to acquire a 53.3% stake in HML (Hanking (Indonesia) Mining Limited) for about US$108 million through its wholly-owned subsidiary CNGR Hong Kong Zhengxing. Through its wholly-owned subsidiary EEP, the company will subscribe for newly issued shares in ANHI's (PT Abadi Nusantara Hijau Investama Tbk.) rights offering for no more than US$418 million. ANHI will then acquire 100% of DDL (Denway Development Limited) from HML for US$324 million.
Upon completion, CNGR will hold 100% of HML, ANHI will hold 100% of DDL, and CNGR targets a stake of no less than 50% in ANHI (and DDL). The company said it urgently needs to gain control of DDL and ANHI to quickly secure high-quality nickel ore assets.
The transaction will consolidate the nickel ore interests currently held separately by ANHI, HML and DDL into a single operating and holding platform under CNGR's unified control. It supports the company's strategy to extend upstream into Indonesia's nickel resources and pursue vertical integration.
Upon completion, CNGR will hold 100% of HML, ANHI will hold 100% of DDL, and CNGR targets a stake of no less than 50% in ANHI (and DDL). The company said it urgently needs to gain control of DDL and ANHI to quickly secure high-quality nickel ore assets.
The transaction will consolidate the nickel ore interests currently held separately by ANHI, HML and DDL into a single operating and holding platform under CNGR's unified control. It supports the company's strategy to extend upstream into Indonesia's nickel resources and pursue vertical integration.
Nickel Ore Philippine 1.3%min CIF China
Unit:USD/mt
China nickel sulfate producers' sales volume statistics by province by month
Unit: mt
