Pino Makes KRW 51 Billion Equity Contribution to Singapore Subsidiary
Pino will make an equity contribution and provide a loan totaling approximately KRW 51 billion to its Singaporean subsidiary, Pino New Energy.
According to Pino on November 10, the company decided to provide Pino New Energy with a loan of USD 10 million (approximately KRW 13.4 billion), in addition to its equity contribution. Through Pino New Energy, it plans to diversify its procurement channels for key secondary battery raw materials by acquiring a stake in a Singaporean entity related to CNGR and making an equity contribution to a local Indonesian entity.
The company decided to acquire a 51% stake in Singapore-based CNGR Zhongxin New Energy through Pino New Energy for approximately KRW 35 billion. The entity holds assets including PT MUS, a nickel mine in Indonesia. Through this acquisition, Pino aims to establish an investment foothold in Indonesia's nickel resource business and diversify its overseas raw material procurement channels.
The company also decided to make an equity contribution to a special purpose vehicle (SPV) in Indonesia. Pino New Energy plans to invest approximately KRW 26.8 billion in PT Cakrawala Barokah Energi BARU, which is being newly established, to secure a 51% stake. The entity is being established to create a governance structure for the PT ABEB project, an Indonesian nickel resource asset, and to make an equity investment in it.
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A company official said, "This equity contribution is intended to lay the groundwork for securing a supply chain for key secondary battery raw materials and diversifying overseas raw material procurement channels. Through our Singaporean subsidiary, we plan to expand our overseas business and strengthen the competitiveness of our secondary battery materials supply chain."
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