PT Indika Energy Tbk (INDY) will invest USD 10 million in the initial public offering (IPO) of Nanshan Aluminium International Holdings Limited on the Hong Kong Stock Exchange (HKEX). According to a disclosure on Monday (March 17), Adi Pramono, the Corporate Secretary of INDY, stated that the investment will be made through PT Perkasa Investama Mineral (PIM), a subsidiary, as a cornerstone investor in Nanshan's IPO. 'The investment will be completed on the listing date, with the shares being delivered through the Hong Kong Central Clearing and Settlement System (CCASS), scheduled for March 25, 2025,' he said. The investment refers to a Cornerstone Investment Agreement between INDY as the investor; Nanshan as the IPO company; CMB International Capital Limited, a capital market intermediary, joint global coordinator, joint bookrunner, joint lead manager, and financial adviser; and Huatai Financial Holdings (Hong Kong) Limited, the sole sponsor and sole overall coordinator. According to him, this investment will enhance operational capabilities by diversifying the portfolio and expanding the company’s presence in international markets.