PT GEM Indonesia New Energy Materials announced that it will receive IDR 11,224,139,000(USD 724,138) in an equity round of funding on March 22, 2024. The transaction will include participation from new investors Ecopro Co., Ltd. for 9% stake, Darrow International Pte. Ltd. for 10% stake, Heungkong International Investment Holding Co., Ltd. for 13% stake, QUALITY (HONGKONG) INTERNATIONAL ENGINERING CO., LIMITED for 8% stake, and Gelinte (Jingmen) Engineering Partnership Enterprise (Limited Partnership) for 2% stake.

This has been approved 26th meeting of the company?s 6th directorate and the 21st meeting of the 6th supervisory board held on March 22, 2024, and is subject to the shareholders? approval. The registered capital of the company is IDR 15,500,000,000.

The registered capital of the company will increase from IDR 15,500,000,000(USD 1,000,000) to IDR 26,724,139,000(USD 1,724,138). The GEM Co., Ltd. will subsequently issue a further capital increase of not more than USD 118,275,862 to all shareholders according to stake, such that its registered capital will increase to IDR 1,860,000,000,000 (USD120,000,000).