ANTM - Advancement to enter the EV ecosystem

ANTM - Advancement to enter the EV ecosystem ANTAM Resourcindo (ARI), 99.9% owned by ANTM divested it's 0.0002% of SDA stake to ANTM with IDR199 bn of value. After the divestment, ANTM will hold 100% of SDA's stake. This transaction is the part of ANTM commitment to enter the EV ecosystem. In Jan'23, ANTM and a strategic partner, Hong Kong. CBL Limited, signed a Conditional Share Purchase Agreement (“CSPA”) and Conditional Shareholders Agreement (“Conditional SHA”) over part of ANTAM shareholding in SDA. Subsequently, after preliminary conditions are met by both parties, in the completion phase of the transaction, ANTM will remain as the controlling shareholder of SDA. (Source: Company) Comment: We are positive on the news as this mark an advancement of ANTM's commitment to enter the EV ecosystem. To note, SDA has major reserves of nickel with 139.3 m wmt of limonite ore which could support on the HPAL development in the coming years.