Weiming Environmental Protection announced that the company intends to establish a joint venture project company with Merit International Capital Limited(" Merit Company ") by taking its holding subsidiary Weiming Singapore Company as the investment subject. The project company will invest in the laterite nickel smelting annual production of high nickel matte metal 40,000 tons (Indonesia) project (referred to as "High nickel Matte Project"), with the authorized capital not exceeding USD 120 million (or equivalent in other currencies).
Company and related party building in Shanghai Xiao enterprise management partnership (limited partnership) (hereinafter referred to as "Shanghai Xiao pu han") to the subsidiary wei-ming Singapore company intends to form capital increase and the way of borrowing money to invest 120 million yuan (or the equivalent in other currencies), Singapore and Shanghai brand Xiao plans within the joint investment quota according to the actual situation to determine the proportion of capital and loan amount; The company and Shanghai Puxiao plan to increase the registered capital of Weiming Singapore company in due time according to their respective shareholding ratio. After the capital increase, the registered capital of Weiming Singapore Company shall not exceed 120 million Singapore dollars (or equivalent in other currencies), and the shareholding ratio of each shareholder shall remain unchanged after the capital increase. The difference between the total amount of joint investment and the actual registered capital after the capital increase will be lent by all shareholders of Weiming Singapore in proportion to their shareholding.
According to the announcement, the high-nickel matte project, with an annual output of 40,000 tons of high-nickel matte metal, is located in the WedaBay Industrial Park (IWIP) on hamahera Island, Indonesia. The total investment of the project will not exceed us $390 million.
"The joint investment is to meet the needs of Weiming Singapore to operate and promote the construction of high nickel matte project, and the company's participation in the same proportion of investment is in line with the company's long-term plan and development strategy," the statement said.
