PT Merdeka Battery Materials Tbk (MBMA) announced the completion of financing for its HPAL project through PT ESG New Energy Material. The project secured US$490 million in loans from Bangkok Bank, PT Bank Negara Indonesia, and PT Bank Mandiri. This financing supports the construction of the 30,000 tonnes per annum HPAL plant, which is expected to be commissioned by late 2024. PT Merdeka Industri Anantha (MBMA’s investment vehicle in PT ESG) also obtained a funding proposal from a regional financial investor based in Singapore. The investor will subscribe for new shares in MIA, resulting in a 55% shareholding, while MBMA retains the remaining 45%. As a result, the project financing will not be consolidated in the financial statements of MBMA.
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