PT Hanwa Indonesia, Siam Yamato Steel Company Limited and Yamato Kogyo Co., Ltd. agreed to acquire 95% stake in PT Nusantara Baja Profil from PT Gunung Raja Paksi Tbk for $425 million on August 8, 2023. Nusantara Baja Profil changed its name to PT Garuda Yamato Steel on August 8, 2023. The deal has been approved by board of directors of Hanwa Co., Ltd. The deal is subject to certain conditions and scheduled to take place in Q1, 2024.

Houlihan Lokey, Inc. (NYSE:HLI) acted financial advisor to Yamato Kogyo Co., Ltd. (TSE:5444) and PT Hanwa Indonesia. Agus Ahadi Deradjat and Adri Dharma of Ali Budiardjo Nugroho Reksodiputro acted as a legal advisor to PT Hanwa Indonesia, Yamato Kogyo Co., Ltd. (TSE:5444) and Siam Yamato Steel Company Limited.