Kiri Industries' subsidiary Equinaire Holdings executed an assignment agreement to acquire a $9.76 million loan for a Philippine copper-gold project.
The acquisition aims to secure preferential copper ore supply for the group's upcoming copper facility being developed by Indo Asia Copper Limited.
The transaction involves an upfront deposit of $5 million with balance payable upon closing within 67 business days, subject to due diligence conditions.
No impact on management or control of Kiri Industries, and the transaction does not qualify as a related party transaction.