GEM Plans Stake Sale in Indonesian Unit

MT Newswires Live

07-16

Battery manufacturer GEM (SHE:002340) plans to introduce overseas investors into its wholly-owned Indonesian subsidiary to strengthen global competitiveness and ease capital burdens.

PT QINGMEI operates a 50,000-ton annual capacity plant for high-nickel battery precursors, according to a Wednesday filing with the Shenzhen bourse.

Once the capital increase is completed, PT QINGMEI will no longer be consolidated into GEM's financial statements.

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