NEWS

PURE channelled additional IDR 57.96 billion to TGEM

PT Trinitan Metals and Minerals Tbk (PURE) raised the capital of PT Trinitan Green Energy Metals (TGEM) by IDR 57.96 billion. It increased substantially from IDR 250 million to IDR 58.21 billion. Corporate Secretary of Trinitan Metals and Minerals, Desfrina Novita, confirmed this action in the information disclosure, quoted Monday (11/10).

According to Novita, the said additional investment was channelled in the form of non-cash, using an inbreng scheme or transferring PUREs portion in its other subsidiaries, PT Hydrotech Metals Indonesia (HMI). Thus, after this corporate action, HMIs shareholders comprise TGEM by 90.62% and PT Trinitan Resourcetama Indonesia (TRI) by 9.38%. In addition, PURE also elevated TGEMs authorised capital from IDR 500 million to IDR 100 billion.

These steps were taken by PURE so that TGEM could become the centre of all activities and development of smelting facilities using the step temperature acid leach (STAL) technology and the expansion of a supporting ecosystem for optimising STAL technology. Meanwhile, HMI would focus on the research and development of advancement of STAL technology, Novita elaborated in detail.

HMI, a subsidiary of PURE, is known to be a research and development company that focuses on metal and mineral refinery technologies. In the end, along with the change in HMIs shareholder structure, the company aims to manufacture class 1 nickels.

Source: https://www.idnfinancials.com/news/40865/pure-channelled-additional-idr-tgem