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A New Chapter Begins: GRP Successfully Completes Investment Partnership in its Structural Steel Business, Garuda Yamato Steel, with Yamato Kogyo, Hanwa and Siam Yamato Steel.

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JAKARTA, Indonesia, June 6, 2024 /PRNewswire/ — In a significant move signalling a new phase of growth and expansion, PT Gunung Raja Paksi Tbk (“GRP”) and its affiliated company, PT Gunung Garuda (“GRD”), are pleased to announce the successful completion of the sale process involving a combined 95% stake in its subsidiary, PT Nusantara Baja Profil (“NBP”), to Yamato Kogyo Corporation (“YKC”), Siam Yamato Steel (“SYS”), and Hanwa Indonesia (“HWI”), a subsidiary of Hanwa Co., Ltd (“Hanwa”), as agreed upon in definitive agreements executed on 8 August 2023. This strategic alignment of vision and goals among all parties involved signals a new phase of growth and expansion for the companies. Alongside the successful acquisition, NBP also changes its name and identity to Garuda Yamato Steel (“GYS”).

Overview of Transaction

GYS is a company engaged in the Structural Section Steel Business with an annual steel production capacity of 1 million tonnes per annum and a rolling capacity of 900,000 tonnes per annum.  Before the sale, GRP and GRD held 81.07% and 18.93% respectively. Following the sale, GRP will retain a 5% stake with YKC holding 45%, SYS holding 35% and HWI holding 15% stake in GYS respectively.

The investment in GYS represents a strategic move by YKC, SYS and HWI to expand their business in Southeast Asia. The transaction, valuing GYS at US$450 million, underscores the immense potential and attractiveness of the Indonesian steel market. This transaction has delivered a significant premium to GRP’s market capitalization and shareholders.

This transaction was secured in a volatile post-COVID market environment where the company was able to overcome significant business challenges through a relentless pursuit of value creation to maximize shareholder value. This investment by a diverse and strategic group of investors is a testament to the successful transformation of the company. Since the beginning of 2020, GRP has embarked on a transformation journey to become a strong and highly competitive steel company. It has successfully implemented various strategic policies in terms of change management, digital transformation, and drive towards sustainability to achieve a low-carbon future.

Strong Collaboration with Strategic Investment Partners

“With the collective financial strength and operational expertise of our investment partners, GYS is well-positioned to be the leading structural steel company in the region. We have exciting plans ahead to launch new steel products that will capture the immense market opportunities in Indonesia and will continue extracting further margin expansion through our production efficiency initiatives,” said Tony Taniwan, the newly appointed President Director of Garuda Yamato Steel. Tony brings over two decades of experience in the steel industry. He currently serves as the Vice Chairman of the Indonesian Iron & Steel Industry Association (IISIA).

The acquisition of GYS by YKC, SYS, and HWI emphasizes their strategic vision to expand their presence in the domestic market, reflecting a shared vision for growth and prosperity in the region. The companies’ collaborative effort aligns with the projected growth in national steel consumption, estimated to reach 18.3 million tons in 2024 with a 5.2% increase. Moreover, with 41 strategic priority projects in the construction sector, including the development of the Nusantara Capital (IKN), which requires around 9.5 million tons of steel, there’s a substantial opportunity for steel producers like GYS to support Indonesia’s infrastructure development. Collectively, the strategic investors will focus on growing their presence in SEA and be able to bring synergies through their expertise in the structural steel business, global procurement and marketing networks and financial strength.

“This strategic realignment not only creates tangible value for shareholders but also reinforces GRP’s financial position, empowering management to focus on further enhancing the company’s competitiveness and sustainability efforts,” said GRP’s Finance Director Roymond Wong.

For GRP, this transaction represents the culmination of a transformational journey embarked upon since the beginning of 2020. With a steadfast commitment to becoming a leading player in the steel industry, GRP has diligently pursued strategic initiatives in digital transformation, ESG strategies, and energy transition, paving the way for sustainable growth and development.

A Green Future Ahead for the Flat Steel Business

With the conclusion of the transaction, GRP will focus on its existing flat business and has big and exciting plans to transform into the lowest carbon-emitting steel producer in the region. This includes investing significant capital to adopt the most advanced, energy-efficient and technologically proven way of low-carbon steel making. In addition, GRP will be engaging heavily with key stakeholders to develop Indonesia’s green steel standards that will position the company to distinguish itself from regional steel players.

“Our vision for the future of GRP lies in green steel and signals our strong commitment and support to Indonesia’s government initiate to achieve net zero emissions by 2060. This requires a bold leap forward where cutting-edge steel technology meets our urgent need to address climate change. There is going to be massive market disruption as carbon policies around the world put pressure on supply chains to deliver low-carbon solutions and players that are not able to adapt will not survive,” said Kimin Tanoto, Chairman of the Executive Committee. “We have shown the world that our team in GRP can deliver even in the toughest times to deliver a stellar outcome for all stakeholders. This time is no different. Going green is a smart business strategy that can lead to increased profitability, ability to attract top talent, and market competitiveness.”

“The completion of this transaction is a culmination of GRP’s transformational journey. Through this transaction we have achieved significant value creation for shareholders, bolstered GRP’s financial strength and empowered management to focus on developing the flats business”, said Kelvin Fu, Strategic Advisor of GRP. “As we embark on this exciting new chapter, the company remains committed to driving innovation, sustainability, and growth, not only for its stakeholders but also for the communities that we serve. We deeply appreciate the unwavering support, dedication, and confidence demonstrated by our Japanese and Thai investment partners, and we are committed to maintaining and enhancing our partnership.”

About Yamato Kogyo Co Ltd

YKC (Mkt. Cap: US$3.3b) based in Japan manufactures and distributes steel products, railroad track components and industrial materials. Its presence includes Bahrain, Japan, Thailand, the US, Vietnam and South Korea. Website: https://www.yamatokogyo.co.jp/ 

About Siam Yamato Steel Co Ltd

Siam Yamato Steel Co., Ltd was established in 1992 to produce hot-rolled structural steel. It is a joint venture between Yamato Kogyo Co., Ltd. Mitsui & Co., Ltd, The Siam Cement Public Company Limited, Sumitomo Corporation (Thailand) Co., Ltd., and Mitsui & Co. Website: https://www.syssteel.com/ 

About Hanwa Co Ltd

Hanwa (Mkt. Cap: US$1.7b) is a leading Japan-based global trading company with major businesses in steel, metal recycling and primary metal, food products, energy and industrial machinery. Website: https://www.hanwa.co.jp/ 

About PT Gunung Raja Paksi Tbk

PT Gunung Raja Paksi Tbk is a member of the Gunung Steel Group, one of the largest private steel companies in Indonesia. Founded in 1970 in Medan, North Sumatra, our company began by producing hot steel and gradually expanded to produce steel beams and sheets.

With over 50 years of experience in the steel industry, we have a production capacity of 1,200,000 tons of high-quality steel each year, certified by both local and international certification organizations.

Today, our company has become one of the largest private steel companies in Indonesia. Gunung Raja Paksi, “Shaping Tomorrow”. Together, we are developing a better future. Website: www.gunungrajapaksi.com

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SOURCE PT Gunung Raja Paksi Tbk

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STARTRADER Launches SKHY as SK Hynix Makes Its US Market Debut, Giving Clients Timely Access to a Key AI Memory Name

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SKHY gives clients direct exposure to a key supplier of high-bandwidth memory at the heart of the AI acceleration market.

DUBAI, UAE, July 23, 2026 /PRNewswire/ — STARTRADER today announced the launch of SK Hynix Inc. (SKHY) as a US Stock CFD on its trading platform, available from July 22, 2026. Moving swiftly following SK Hynix’s recent US listing, which raised approximately $26.5 billion, STARTRADER is ensuring clients can engage with this name at the earliest opportunity.

This is precisely the type of occasion STARTRADER builds its product strategy around. As significant names enter the US market and begin drawing institutional attention, STARTRADER moves decisively to ensure clients have access when it carries the most relevance. For a company of SK Hynix’s standing in the AI memory supply chain, its US debut represents exactly that kind of opportunity.

The decision reflects a product philosophy centred on anticipation. As the boundary between global and US-listed equities continues to narrow, STARTRADER intends to remain consistently at that intersection, connecting clients to names the global investment community is beginning to follow closely and providing the access needed to engage with both confidence and context.

“Clients who follow the AI infrastructure story understand that the opportunity runs through the entire supply chain, including the memory and bandwidth that make large-scale AI possible. SK Hynix’s arrival on the US market made this the right moment to act, and acting early on behalf of our clients is exactly what we intend to keep doing.”

Peter Karsten, Chief Executive Officer, STARTRADER

SKHY marks the latest addition in a product offering designed to keep clients directly connected to the names and sectors defining the next phase of global market development, with the breadth and precision to engage with structural investment themes as they take shape.

Trading CFDs involves a significant risk of loss and may not be suitable for all investors. Please ensure you fully understand the risks before trading.

About STARTRADER
STARTRADER is a global multi-asset broker empowering retail and institutional partners to access global markets through a range of platforms, including MetaTrader, STAR-APP, and STAR-COPY. Regulated infive jurisdictions (CMA, ASIC, FSCA, FSA, and FSC), STARTRADER combines strong governance with a client-first approach, serving both retail clients and partners with a commitment to transparency, reliability, and long-term growth.

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FORD AND GEELY AUTO JOIN FORCES IN EUROPE TO PRODUCE NEXT-GENERATION MULTI-ENERGY VEHICLES IN SPAIN

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The global automakers plan to form a manufacturing joint venture at Ford’s Valencia, Spain, plant, combining scale and factory utilization, to build Ford and Geely vehiclesThe partnership, built on a foundation of trust and shared business principles, secures the future of the Valencia plant, provides long-term stability and creates the potential for future high-tech manufacturing job growthThe joint venture addresses the new realities of the European market — intense global competition, relentless cost pressure and tightening regulation — resetting Valencia to build at the industry’s emerging cost benchmarkThe Valencia plant will produce a new generation of low- and zero-emission vehicles for European markets, offering customers an outstanding technology experienceThe joint venture is expected to produce an all-new multi-energy crossover for Ford, in addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028. Kuga production continues uninterruptedThe collaboration accelerates Geely Auto’s European expansion, and supports Ford’s product offensive to bring five new passenger vehicles to European showrooms by 2029

VALENCIA, Spain, July 23, 2026 /PRNewswire/ — Ford Motor Company and Geely Automobile Holdings (hereafter “Geely Auto”) today announced an agreement to form a Europe-focused joint venture (JV) at Ford’s Valencia, Spain, manufacturing hub.

The new JV will manufacture Ford and Geely multi-energy passenger vehicles for the European market, driving greater choice and value for European drivers.

Europe is home to one of the fiercest competitive battles in the global automotive industry today. Tightening regulation, high operating costs and a new generation of global competitors have reset the industry’s benchmark for manufacturing cost, vehicle technology and software experience.

By pooling production volume, Ford and Geely will maximize the capacity of the Valencia plant, lower the cost of every vehicle built there, and compete at this emerging cost standard while delivering world-class multi-energy vehicles and strengthening the local Valencia economy in the process.

Pending regulatory approvals, the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia plant will continue to produce the Ford Kuga in the meantime.

“This JV with Ford in Europe reflects our commitment to open, collaborative product development as part of our growth strategy, deepening our local presence and commitment to customers in Europe”, said Alex Nan, Vice President of Geely Auto Group. “We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe’s green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner.”

Ford’s partnership with Geely is built on a foundation of trust and respect stretching back to 2010 when Ford sold Volvo Cars to Geely and watched it protect and revitalize the brand. Both companies share a commitment to quality, cost-efficient sourcing and continuous improvement, as well as a belief that customers should be able to choose their own path through the energy transition.

Transforming Valencia into a Powerhouse for Low-CO2 Mobility

The JV will transform Ford’s Valencia facility – already one of Europe’s most productive and advanced plants, with a potential annual capacity of about 500,000 vehicles – into a shared, high-tech manufacturing hub built to compete at the industry’s new global cost standard. The plant has been at the leading edge of the European market since it opened in 1976, when it built the original Ford Fiesta, Ford’s first global front-wheel-drive car, and a major success. Ford was the first non-Spanish automaker to build in Valencia, the start of a partnership with Spain and its people that remains as strong today.

Under the proposed ownership structure, Ford will own 66% of the new entity and Geely Auto 34%.

An Exciting Vehicle Lineup

“For nearly 50 years, Valencia has built some of the most-loved cars in our history, and now this team will help build our future”, said Jim Baumbick, President, Ford of Europe. ” That’s why we’re building a flexible, cost-effective industrial system with a capable partner in Geely Auto. Together we can fully utilize a best-in-class plant with a great workforce and match the industry’s new cost benchmark. This is all part of Ford’s vision to give European drivers rally-bred handling, true off-road capability and multi-energy technology, with a distinct Blue Oval DNA.”

The JV will combine the engineering, manufacturing and development know-how of two of the world’s leading automakers to build both Ford and Geely low- and zero-emission passenger vehicles. The cars will be tailored for European drivers and will offer them choice in powertrain technology, as well as outstanding digital experiences.

Ford Models:

The Popular Ford Kuga: Production of the Ford Kuga — one of Europe’s favorite plug-in hybrids — will continue uninterrupted in Valencia.A Rugged New Bronco: Valencia will also produce a new member of the global Bronco family – a tough, compact, adventure-ready SUV built for European roads, with production starting in 2028.An All-New Crossover: A multi-energy family crossover, designed by Ford and jointly developed with Geely will arrive in 2028. Engineered with Ford’s signature capabilities and driving dynamics, it is part of an aggressive product offensive that will bring five new multi-energy vehicles to Europe by 2029.

Geely Models:

Sleek Electric SUVs: Geely Auto plans to produce two electric SUVs at the Valencia facility in full support of their European focus and growth strategy. The first Geely-branded models to be manufactured under this joint venture are scheduled to roll off the production line in 2028.

The venture supports Geely Auto’s international expansion, following overseas sales of 474,228 vehicles in the first half of the year, while advancing Ford’s strategy of using partnerships to compete with speed, efficiency and scale in Europe.

“This partnership shows how automakers are strengthening Europe’s industrial base, but we can’t do it alone,” said Jim Baumbick. “What we’ve achieved in Valencia, with the ongoing support of Spain’s national and regional governments, is a masterclass in public-private partnership that sets the benchmark for the rest of Europe.”

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security. The company offers freedom of choice through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles (“EVs”) along with embedded software that defines always-on digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, the company provides financial services through Ford Motor Credit Company. Ford employs about 168,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.

About Geely Auto Group

Geely Auto Group is a leading global automotive company headquartered in Hangzhou, China. Part of Zhejiang Geely Holding Group, Geely Auto Group develops and manufactures passenger vehicles under the Geely, Lynk & Co, and Zeekr brands.

Geely Auto achieved cumulative sales of 3,024,567 units in 2025, exceeding the full-year sales target with a year-on-year growth of 39%. New energy vehicle (NEV) sales reached 1,687,767 units, a year-on-year increase of 90%.

With a strong focus on technology innovation, electrification, and sustainable mobility, Geely Auto Group operates world-class R&D centers and manufacturing facilities across China, Europe, and key international markets. The Group is committed to delivering safe, high-quality, and intelligent vehicles enabled by advanced technologies such as hybrid powertrains, full-electric architectures, smart connectivity, and autonomous driving systems.

As a global company, Geely Auto Group continues to expand its international presence through strategic partnerships, localized operations, and industry-leading platforms. Geely strives to create mobility solutions that are greener, smarter, and more accessible, driving forward the future of sustainable transportation.

Ford news releases, related materials, photos and video, visit From the Road, www.fordmedia.eu or www.media.ford.com.
Follow www.linkedin.com/company/ford-in-europe, www.youtube.com/FordNewsEurope, www.instagram.com/FordNewsEurope,
www.threads.net/@fordnewseurope and www.tiktok.com/@FordNewsEurope

 

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ford-and-geely-auto-join-forces-in-europe-to-produce-next-generation-multi-energy-vehicles-in-spain-302833121.html

SOURCE Ford

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K25.ai Secures Series A Investment with Strategic Support from Amber Group, Valuation Doubles to US$200 Million

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Series A follows K25.ai’s oversubscribed Pre-A round and accelerates its vision to make prediction markets native to live digital content

SINGAPORE, July 23, 2026 /PRNewswire/ — K25.ai, the AI-native prediction market transforming livestreams into real-time interactive markets, today announced the closing of its Series A investment round, with strategic support from Amber Group, at a post-money valuation of US$200 million, doubling the company’s valuation in under 60 days.

The Series A marks another major milestone for K25.ai as it builds a new category at the convergence of artificial intelligence, live digital content, creator economies and prediction markets.

K25.ai enables audiences to predict what happens next across live sports, esports, entertainment and creator content. Its proprietary AI infrastructure supports real-time market generation, content monitoring and outcome resolution, powering a seamless watch-to-predict experience.

The investment and strategic collaboration will accelerate K25.ai’s product development, global expansion, institutional liquidity infrastructure and creator ecosystem.

“We’re building the category where AI meets live content and real-money prediction. Amber Group’s backing — and the doubling of our valuation — confirms the market is ready. We’re moving fast,” said Andy Cheung, Founder and CEO of K25.ai.

Amber Group will support K25.ai across market infrastructure, liquidity strategy, ecosystem development and related digital asset expertise.

“K25.ai is creating a differentiated platform at the intersection of AI, real-time content and prediction markets,” said Haoyu, Portfolio Director of amber.ac. “We are excited to support its experienced team as it scales a new generation of interactive financial and entertainment experiences.”

The Series A follows K25.ai’s recently closed Pre-A round led by Nasdaq-listed NewGenIVF Group Limited (Nasdaq: NIVF). The Series A support from Amber Group doubles K25.ai’s valuation from its Pre-A round and adds a second institutional backer alongside NewGenIVF Group, extending K25.ai’s strategic support across both public markets and digital assets.

About K25.ai

K25.ai is an AI-native livestreaming prediction market transforming passive audiences into active participants. By combining live content, creator-led markets and AI-powered resolution, K25.ai is building the infrastructure for the next generation of interactive information markets.

About Amber Group

Amber Group is a global leader in digital assets, headquartered in Singapore. Amber Group is the parent company of Amber International Holding Limited (Nasdaq: AMBR), which operates as a separate publicly traded company. Since 2017, Amber Group has developed full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investment, and infrastructure. These products and services are offered across various entities within Amber Group. Certain products, services, technologies, and initiatives described in this press release are developed or carried out by subsidiaries or affiliates of Amber Group other than Amber International Holding Limited, and are not necessarily conducted by or attributable to the listed entity.

Backed by top investors and equipped with deep expertise in both digital and traditional markets, Amber Group leverages AI, blockchain, and quantitative research to deliver personalized, cutting-edge solutions. The company focuses on servicing a diverse global clientele—comprising HNW individuals, institutions, funds, exchanges, and projects—to optimize returns safely across all market conditions.

Learn more at www.ambergroup.io.

Media and Investor Contacts

K25.ai Media Contact
media@k25.ai 

K25.ai Investor Relations Contact
ir@k25.ai 

K25.ai Partnership Contact
partnership@k25.ai 

View original content:https://www.prnewswire.com/news-releases/k25ai-secures-series-a-investment-with-strategic-support-from-amber-group-valuation-doubles-to-us200-million-302833151.html

SOURCE K25.ai

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