Jakarta: The landscape of Indonesia\u2019s nickel and electric vehicle\n(EV) battery industry is now expanding into the capital markets. PT\nBerkah Prima Perkasa Tbk (BLUE) has announced the signing of a\nConditional Shares Purchase Agreement (CSPA) between its shareholders\nand Dragonmine Mining (Hong Kong) Limited, which will become the\ncompany\u2019s new controlling entity.<\/p>\n
In a disclosure dated 19 February 2026, Dragonmine Mining plans to\npurchase 334.4 million shares, equivalent to 80% of all issued and fully\npaid-up shares. This move is a continuation of the acquisition process\npreviously disclosed by the company in November 2025.<\/p>\n
Dragonmine Mining is a private company headquartered in Hong Kong and\nowned by Huayou Hongkong Limited. According to various sources, Huayou\nHongkong Limited is a subsidiary of Zhejiang Huayou Cobalt Co., Ltd,\nserving as its overseas investment unit in the mining and minerals\nsector.<\/p>\n
Huayou operates five business pillars encompassing the entire\nlithium-ion battery materials industry chain, including investments in\nIndonesia\u2019s nickel sector. The Chinese company is involved in developing\nan integrated battery ecosystem, notably through the Titan Project in\npartnership with Antam and Indonesia Battery Corporation (IBC).<\/p>\n
Ezaridho Ibnutama, Head of Research at NH Korindo Sekuritas\nIndonesia, noted the potential for a shift in BLUE\u2019s business model\nfollowing the change in controlling shareholder. He suggested the move\ncould serve as an entry route for a company with stronger fundamentals\nthrough a backdoor listing scheme.<\/p>\n
\u201cFor reference, approximately 30% of all companies on the Indonesia\nStock Exchange currently report net losses. With capital market reforms\nmandating higher public shareholding (free float) ratios based on market\ncapitalisation, these new regulations are creating fresh bottlenecks for\nIPO activity,\u201d Ezar said.<\/p>\n
A similar phenomenon previously occurred with PT Solusi Kemasan\nDigital Tbk (PACK), which was acquired by PT Eco Energi Perkasa owned by\nDeng Weiming, founder of CNGR, a global battery precursor manufacturer.\nFollowing the acquisition, PACK changed its name to PT Abadi Nusantara\nHijau Investama Tbk and announced a rights issue plan to absorb mining\nand nickel smelter assets.<\/p>\n
As a manufacturer of ink and stationery products, BLUE now faces the\nprospect of business transformation following the planned 80% share\nacquisition by Dragonmine. Huayou is known to have substantial\ninvestments in nickel industrial zones such as Morowali and Pomalaa.<\/p>\n
BLUE\u2019s share price movements also reflect market expectations. The\ncompany\u2019s share price has surged 117% year to date and nearly 1,900%\nover the past year. However, BLUE shares experienced a correction amid\nmarket volatility following the CSPA announcement.<\/p>\n
For global companies such as Huayou and CNGR, acquiring\nsmall-capitalisation listed entities is considered more efficient than\nconducting a fresh initial public offering (IPO). Through entities\nalready listed on the Indonesia Stock Exchange, these companies can\nraise funds from both domestic and institutional investors via rights\nissues to finance nickel downstream projects.<\/p>\n
The presence of public entities also enhances transparency and\ncompliance with capital market regulations, whilst strengthening\nenvironmental, social, and governance (ESG) profiles in the eyes of\nglobal investors.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/electric-vehicle-battery-industry-enters-capital-markets-1771929882", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }