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JAKARTA — Indonesian heavy equipment distributor United Tractors on Friday announced the signing of an agreement to acquire a stake in Australia-listed Nickel Industries — an affiliate of Chinese stainless steel giant Tsingshan Holding — for 943 million Australian dollars ($633 million).
Through wholly owned subsidiary Danusa Tambang Nusantara, United Tractors will subscribe to a 19.99% stake in Nickel Industries, which is running substantial nickel mining and smelter operations in and around the Indonesia Morowali Industrial Park on Sulawesi Island and the Indonesia Weda Bay Industrial Park on Halmahera Island. Both parks are controlled by Tsingshan, which owns a minority stake in the Australian company through subsidiary Shanghai Decent Investment.
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