Witara Cakra Advocates has advised Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, on its 10 trillion rupiah ($669.79 million) IPO on the Indonesian Stock Exchange, with Clifford Chance and Ginting & Reksodiputro as underwriters functioned.
This is the largest IPO in Indonesia so far this year. Underwriters included BNP Paribas and Citigroup.
Harita Nickel has a partnership with China’s Lygend Resources and currently operates a high pressure acid leach plant on the eastern island of Obi in Indonesia with a production capacity of 55,000 tonnes of mixed hydroxide precipitate (MHP). It has subsidiaries operating ferronickel smelters with a combined capacity of 305,000 tons per year, Reuters reported.
With the proceeds, Harita plans to invest to add 12 more lines to make ferronickel and three more lines for MHP, Reuters added. Nickel is in high demand as a material for electric vehicle batteries.
The Clifford Chance team was led by partners Gareth Deine, Avrohom Gelber and Jefferey LeMaster.
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