Dentons HPRP has successfully advised PT Aneka Tambang Tbk (ANTM), through its subsidiary PT Gag Nikel (PTGN), in a landmark transaction to acquire a 30% stake in PT Jiu Long Metal Industry (JLMI) for USD 102.5 million (IDR 1.6 trillion). This acquisition, in collaboration with Eternal Tsingshan Group Limited (ETGL), strengthens PTGN’s involvement in Indonesia’s nickel smelting industry, aligning with government policies and the company’s strategic goals. 

Dentons HPRP played a pivotal role in the success of this complex deal, providing comprehensive legal support throughout the transaction. The team conducted thorough due diligence on JLMI, advised on regulatory compliance, and facilitated agreements related to long-term ore supply and working capital loans. This strategic move solidifies PTGN’s position in the rapidly expanding nickel refining sector. 

Led by Partners Maurice Maulana Situmorang, Al Hakim Hanafiah, and Rio Febrianus Pasaribu, the team, consisting of Senior Associates Akbar Bayu Adisono Putro and Rafi Andiandra Wardhana, alongside Associates Carlos William Rettobjaan, Hilwa Az-Zahra Adwani, Jovanka Lingkanaya, and Maichle Delpiero, meticulously navigated the regulatory landscape to ensure compliance with capital market regulations and internal procedures for state-owned enterprises. Our guidance was instrumental in securing a strategic prepayment arrangement and other critical aspects of the deal.

This milestone transaction enhances ANTM’s role in advancing Indonesia’s nickel downstream projects, while also positioning PTGN as a key player in the global nickel supply chain. Dentons HPRP is proud to have played a crucial part in this groundbreaking collaboration.

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