PT Harum Energy Tbk (HRUM), through its subsidiary, PT Tanito Harum Nickel, acquired 24,287 shares owned by Aquila Nickel Ptd Ltd or the equivalent of 51% of the total capital of PT Position, for US$80.32 million.

"The purpose of this transaction is to develop and expand business activities in the mining sector," said Harum Energy President Director Ray A. Gunara in a press release, Tuesday (2/2).

He emphasized that the transaction had no material impact on the company's operational, legal, financial condition, and business continuity.

PT Position is a company that has a mining business license for nickel and the operation in Indonesia.

Aquila Nickel is one of the investment portfolios of Solway Investment Group, a global investment company headquartered in Switzerland.

In the third quarter of 2020, Harum Energy posted a net profit of US$25.73 million or an increase of 60.41% compared to the same period in the previous year of US$16.04 million. However, revenue decreased by around 32% to US$136.14 million from US$200.28 million in the same period the previous year.