Pino commits 51 billion won to Singapore unit in nickel supply push

KOSDAQ-listed Pino (033790) is deploying roughly 51 billion won through its Singapore subsidiary, Pino New Energy, to buy into Indonesian nickel mining assets and diversify its sourcing of battery raw materials.

The package, announced on November 10, combines an equity investment with a separate money loan. Pino's board approved a $10 million loan, about 13.4 billion won, to Pino New Energy alongside the capital injection, according to the company.

What is Pino actually buying?

The deal has two legs, both routed through the Singapore subsidiary. Pino New Energy will acquire 51% of Singapore-registered CNGR Zhongxin New Energy for approximately 35 billion won. That entity holds Indonesian nickel mining assets, including PT MUS. Pino said the stake purchase builds an investment base for Indonesian nickel resource projects and widens its overseas procurement channels for cathode raw materials.

The second leg targets a vehicle that does not yet exist. Pino New Energy will invest about 26.8 billion won into PT Cakrawala Barokah Energi, a special purpose company still being incorporated in Indonesia, to secure 51% ownership. The SPV's stated purpose is to build the governance structure and equity position for the PT ABEB nickel resource project.

A company official said: "This investment decision lays the foundation for securing the battery core raw material supply chain and diversifying overseas procurement routes." The official added that Pino plans to "expand overseas business through the Singapore subsidiary and strengthen the competitiveness of its battery materials supply chain."

How does this fit Pino's recent moves?

The nickel investments follow a run of restructuring at the company. Related disclosures show Pino previously acquired 38 million shares, about 51 billion won, of a dependent subsidiary to reach 100% ownership, decided a 15 billion won rights offering involving Cosmo Advanced Materials, and became the largest shareholder of C&P Materials Technology. The pattern points to consolidation upstream and within its group before this latest overseas push.

What is not yet confirmed?

The PT ABEB project remains at the governance-building stage; no production volumes, mine output or timelines were disclosed. The 26.8 billion won SPV investment depends on an entity still in incorporation, so the closing conditions are unclear. The CNGR-linked acquisition covers a 51% stake in a holding entity, and the statement that PT MUS sits beneath it comes from the company, not from independent production data.

Watch for the SPV's formal incorporation in Indonesia, disclosure of PT MUS and PT ABEB resource figures, and any capacity or offtake commitments that would turn stated intentions into confirmed supply.