Electric Vehicle Battery Industry Enters Capital Markets
Jakarta: The landscape of Indonesia’s nickel and electric vehicle (EV) battery industry is now expanding into the capital markets. PT Berkah Prima Perkasa Tbk (BLUE) has announced the signing of a Conditional Shares Purchase Agreement (CSPA) between its shareholders and Dragonmine Mining (Hong Kong) Limited, which will become the company’s new controlling entity.
In a disclosure dated 19 February 2026, Dragonmine Mining plans to purchase 334.4 million shares, equivalent to 80% of all issued and fully paid-up shares. This move is a continuation of the acquisition process previously disclosed by the company in November 2025.
Dragonmine Mining is a private company headquartered in Hong Kong and owned by Huayou Hongkong Limited. According to various sources, Huayou Hongkong Limited is a subsidiary of Zhejiang Huayou Cobalt Co., Ltd, serving as its overseas investment unit in the mining and minerals sector.
Huayou operates five business pillars encompassing the entire lithium-ion battery materials industry chain, including investments in Indonesia’s nickel sector. The Chinese company is involved in developing an integrated battery ecosystem, notably through the Titan Project in partnership with Antam and Indonesia Battery Corporation (IBC).
Ezaridho Ibnutama, Head of Research at NH Korindo Sekuritas Indonesia, noted the potential for a shift in BLUE’s business model following the change in controlling shareholder. He suggested the move could serve as an entry route for a company with stronger fundamentals through a backdoor listing scheme.
“For reference, approximately 30% of all companies on the Indonesia Stock Exchange currently report net losses. With capital market reforms mandating higher public shareholding (free float) ratios based on market capitalisation, these new regulations are creating fresh bottlenecks for IPO activity,” Ezar said.
A similar phenomenon previously occurred with PT Solusi Kemasan Digital Tbk (PACK), which was acquired by PT Eco Energi Perkasa owned by Deng Weiming, founder of CNGR, a global battery precursor manufacturer. Following the acquisition, PACK changed its name to PT Abadi Nusantara Hijau Investama Tbk and announced a rights issue plan to absorb mining and nickel smelter assets.
As a manufacturer of ink and stationery products, BLUE now faces the prospect of business transformation following the planned 80% share acquisition by Dragonmine. Huayou is known to have substantial investments in nickel industrial zones such as Morowali and Pomalaa.
BLUE’s share price movements also reflect market expectations. The company’s share price has surged 117% year to date and nearly 1,900% over the past year. However, BLUE shares experienced a correction amid market volatility following the CSPA announcement.
For global companies such as Huayou and CNGR, acquiring small-capitalisation listed entities is considered more efficient than conducting a fresh initial public offering (IPO). Through entities already listed on the Indonesia Stock Exchange, these companies can raise funds from both domestic and institutional investors via rights issues to finance nickel downstream projects.
The presence of public entities also enhances transparency and compliance with capital market regulations, whilst strengthening environmental, social, and governance (ESG) profiles in the eyes of global investors.