ANTM – Hand over subsidiary shares to LG and CBL in 2Q23

The handover of shares of subsidiaries of Aneka Tambang (ANTM), Arindo Resources (SDA) and Nusa Karya Arindo (NKA), to LG and CATL is one of ANTM's strategic steps to work on the EV battery project with an estimated total investment of USD6 bn. Previously, ANTM together with the Indonesian Battery Industry (IBI) and CBL had signed a framework agreement for cooperation in an integrated EV battery ecosystem development project in Indonesia which includes nickel ore mining activities to the battery recycling industry on April 14, 2022. The nickel ore mining activities are carried out by natural resources. As a follow-up to the framework agreement, a conditional share sale and purchase agreement was signed between ANTM and CBL for part of SDA's share ownership on January 16, 2023. This signing is the first step in the realization of the implementation of the project. CBL is expected to contribute directly to the aspects of technology and business experience carried out with ANTM and SDA. Following this signing, ANTM and CBL will fulfill the precedent conditions. This signing was also followed by the signing of a conditional shareholder agreement on the same date (Source : Investor Daily)