DTN is a wholly-owned subsidiary of the Indonesia Stock Exchange (IDX)-listed PT United Tractors Tbk, acting as a holding company for the latter. Its focus is to expand its business in gold and nickel commodities. PT United Tractors Tbk is a 59.5% subsidiary of IDX-listed PT Astra International Tbk. PT Astra International Tbk, in turn, is a subsidiary of Jardine Cycle & Carriage.
PT Danusa Tambang Nusantara (DTN), the indirect subsidiary of Jardine Cycle & Carriage (SGX:C07
) , has subscribed for 857 million new ordinary shares in the capital of Australian Securities Exchange (ASX)-listed Nickel Industries for A$943 million ($850.1 million).
After the completion of the proposed subscription, the placement shares in Nickel Industries will represent 19.99% of Nickel Industries’ total issued ordinary shares.
