AcroMeta's (SGX:43F) subsidiary, AcroMeta Minerals, entered into a definitive agreement with Esa Jaya Labdagati to engage in nickel trading activities in Indonesia, according to a Monday filing with the Singapore Exchange.

The agreement includes a supply agreement, which allows the company's subsidiary to trade nickel into Esa Jaya's existing and potential customers.

Meanwhile, the subsidiary will also set aside SG$500,000 for nickel trading activities, with the amount to increase to up to SG$2 million, depending on the performance of Esa Jaya.

The supply agreement is for a period of two years and can be renewed automatically for another year.

The strategic partnership is in line with the company's strategy to participate selectively in the global nickel value chain, with demand increasing backed by stainless steel production.

Shares of the company which is engaged in engineering design and consultancy services were up over 4% in Monday trading.