Home / Metal News / Nickel / Sumitomo Group: stake in Ambatovy Nickel Project increased by 6.5% to 54.17%
Sumitomo Group: stake in Ambatovy Nickel Project increased by 6.5% to 54.17%
Jul 29,2020 10:28CST
The content below was translated by Tencent automatically for reference.

SMM7 March 29: recently, Sumitomo Corporation (Sumitomo Group) issued an announcement announcing the progress of the recapitalization process of Sherritt's Ambatovy nickel project ("Ambatovy") in Japan.

Sherritt submitted an arrangement Plan ("PoA") in February this year under the Canadian Commercial companies Act and is in the process of recapitalizing it. On July 23, local time, Sherritt announced that it had received 89% of the debtors' votes for PoA's approval.

PoA includes a transaction proposal for the exchange of financial loans owed by Surromo to Sumitomo Sumitomo Corporation and Sherritt's corresponding shares in Ambatovy. Following the approval of PoA by a Canadian court, Sumitomo Corporation will effectively increase its Ambatovy shares by 6.5% to 54.17%. As Ambatovy will remain a jointly controlled entity, it will remain an equity subsidiary of Sumitomo Corporation.

Sumitomo Co., Ltd. will discuss the matter further with Sherit.

"SMM online Q & A" has come to the market, price, information if you have any questions, feel free to ask!

Scan the QR code and join the SMM metal communication group.

nickel sulfate

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news