The Indonesia Stock Exchange (IDX) has issued an unusual market activity (UMA) announcement regarding PT Adhi Kartiko Pratama (NICE) shares due to an unusual increase in prices.
“In the interest of investor protection, we hereby inform that there has been an unusual increase in the stock price of PT Adhi Kartiko Pratama (NICE),” IDX announced on Friday, March 22, 2024.
In light of the UMA concerning NICE shares, the IDX is currently monitoring the developments in the trading patterns of these shares.
NICE shares rose by 0.81 percent to IDR 1,250 in trading on March 21, 2024. However, over the past month, the stock has surged by 104.92 percent.
Adhi Kartiko Pratama shares with the code NICE were first listed on the Indonesia Stock Exchange (IDX) on January 9, 2024. The company conducted an initial public offering (IPO) at IDR 438. This means that as of March 21, 2024, NICE has soared by 185.38 percent from the IPO price.
PT Adhi Kartiko Pratama (NICE) was officially acquired by LX International Corp (LG Group) – a South Korean company – on January 16, 2024, shortly after the company was listed on the IDX. This marks a strategic move to enhance the company’s value in the nickel processing and electric vehicle battery industry ecosystem.
Previously known as LG International Corp, LX International Corp changed its name in July 2021. LX International Corp was founded in 1953 and is headquartered in Seoul, South Korea. LX International Corp is a publicly traded company in South Korea and is listed on the Korea Stock Exchange since 1976.
This corporate action is a follow-up to the conditional shares sale and purchase agreement signed by the parties and has been disclosed in accordance with the information disclosure requirements as stated in the initial public offering (IPO) prospectus of PT Adhi Kartiko Pratama.
As part of this transaction, shares in NICE were transferred, including those owned by PT Sungai Mas Minerals amounting to 1,859,577,615 shares; PT Inti Mega Ventura amounting to 1,739,634,385 shares; Michael Adhidaya Susantyo amounting to 25,000,000 shares; and Victor Agung Susantyo amounting to 25,000,000 shares, to PT Energy Battery Indonesia (EBI), which has a 99.99 percent ownership of its shares controlled by LX International Corp.
This transaction was conducted at a per-share value of IDR 438 (equal to the IPO price). Following the acquisition, EBI holds a total of 3,649,212,000 shares in Adhi Kartiko Pratama (NICE). This is equivalent to 60 percent of the total issued and paid-up shares in NICE.
In an official statement on January 16, 2024, President Director of NICE, Stevano Rizki Adranacus, stated that the completion of this transaction undoubtedly contributes significantly to realizing NICE’s vision as a leading player in nickel mining and processing in Indonesia, emphasizing world-class mining standards.
With the support of LX International Corp, NICE aspires to be a key player in the nickel mining and processing industry in Indonesia, upholding world-class mining standards.
This acquisition is also in line with the company’s strategy to support the growth of the electric vehicle battery industry, strengthening NICE’s position in this increasingly important industry supply chain.
