The unit of PT Harum Energy Tbk (HRUM), PT Tanito Harum Nickle, has purchased 259,603 new shares or 24.5% of the total shares issued by PT Infei Metal Industry (IMI) for US$68.6 million.

"The transaction was carried out on February 19, 2021," said HRUM President Director Ray A Gunara in the IDX disclosure on Monday (22/2).

According to Ray, the purpose of this transaction is to develop the company's downstream nickel mining business to the processing stage to increase added value.

PT IMI is a company engaged in nickel refining and was established under the Indonesian law.