Factsheet $NCKL: A QUESTION OF VALUE

This factsheet by Trend Asia criticizes the April 2023 Initial Public Offering (IPO) of PT Trimegah Bangun Persada Tbk (NCKL), a subsidiary of the Harita Group. The document alleges that the IPO funds will exacerbate environmental destruction, social displacement, and labor safety violations associated with the group's nickel smelting operations on Obi Island, North Maluku. It further claims that the involvement of various international investors and underwriters contradicts their public commitments to the Paris Agreement and net-zero emissions targets.

• The Initial Public Offering (IPO) of PT Trimegah Bangun Persada Tbk (NCKL) in April 2023 aimed to raise 10 trillion rupiahs ($669.79 million) by offering up to 12.67% of its total shares at 1,250 rupiahs per share. The company targets revenue growth of 100% in 2023, and the IPO is expected to increase the net worth of owner Lim Hariyanto Wijaya Sarwono from $1.1 billion to between $4.6 billion and $4.8 billion.
• Harita Group's operations on Obi Island have caused significant environmental damage, including the pollution of the sea, which turns reddish-brown due to nickel waste, and the contamination of water sources in Kawasi village, rendering them inaccessible. The company has previously proposed a deep-sea tailings disposal (DSTD) plan to dump 6 million tons of waste annually into the ocean, though the document notes this proposal has not yet been realized.
• The Harita Group and the South Halmahera Regency Government plan to relocate residents of Kawasi to 'Eco Village Housing' approximately 5 kilometers south of their village. The document asserts this is a forced relocation that uproots the community from land, gardens, and sea areas with cultural and historical value.
• Harita Group utilizes coal-fired power plants (PLTU) to power its nickel processing plant in Kawasi. Currently, the power plants supply 210 MW, with a target of 4,200 MW on Obi Island, including approximately 2,030 MW in the construction or pre-permitting phase. The document claims this violates a commitment by Chinese President Xi Jinping in September 2021 to stop building new coal power plants overseas, as the plant is a joint venture with China's Ningbo Lygend.
• There is a discrepancy between Harita Group's safety claims and reported work accidents. While the company claimed no fatalities between 2019 and 2023, media reports indicate 8 to 9 cases during that period, resulting in two deaths and five injuries.
• The document alleges that investors Glencore International AG and Fidelity International have breached their environmental commitments by investing in Harita Group. Glencore is accused of violating the Paris Agreement, and Fidelity is accused of failing its commitment to halve its investment portfolio's carbon footprint by 2030 as a signatory of the Net-Zero Asset Managers (GFANZ).
• Six of the seven underwriters for the IPO—Credit Suisse Group, BNP Paribas, Citigroup, DBS, OCBC Securities, and UOB Kay Hian—are members of the Net-Zero Banking Alliance (GFANZ). The document claims their affiliation with Harita Group breaches GFANZ's commitment to a clean energy transition and net-zero emissions.

APA

Trend Asia (n.d.). Factsheet $NCKL: A QUESTION OF VALUE. https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf

Chicago

Trend Asia. Factsheet $NCKL: A QUESTION OF VALUE. n.d. https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf.

Wikipedia

{{cite report |author=Trend Asia |title=Factsheet $NCKL: A QUESTION OF VALUE |url=https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{trendasiandfactsheet, author = {{Trend Asia}}, title = {{Factsheet \$NCKL: A QUESTION OF VALUE}}, institution = {Trend Asia}, url = {https://trendasia.org/wp-content/uploads/2023/05/PRINT-BHS-ENG_Draf-Factsheet-Harita-group-IPO-17042023.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }