CNGR Advanced Material Cuts Stake in Indonesian Subsidiary

MT Newswires Live

03/09

CNGR Advanced Material (SHE:300919) has agreed to transfer a 2.02% equity stake in its Indonesian subsidiary PT Anugerah Barokah Cakrawala to PT Billy International, according to a Shenzhen Stock Exchange filing on Monday.

Following the sale, shares held by CNGR in Anugerah Barokah, through its subsidiary PT Barokah New Energy and Technology Indonesia, will drop to 48.98% from 51%, the advanced energy materials producer said.

Financial terms of the divestment were not disclosed.

CNGR said Anugerah Barokah still has $130 million in outstanding debt owed to the company as of March 6.

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