PT Hamparan Logistik Nusantara (“HLN”), Merdeka’s new indirectly controlled subsidiary, has successfully increased its indirect stake in Cahaya Smelter Indonesia and Bukit Smelter Indonesia, two operating RKEF smelter companies. HLN also acquired a new 50.1% stake in PT Zhao Hui Nickel, which is currently constructing a new RKEF smelter.