MIND ID Officially Annexed 20 Percent Of Vale's Shares From Inalum

Inalum (ANTARA)

JAKARTA - PT Mineral Industri Indonesia (Persero) or MIND ID has officially become the largest shareholder of PT Vale Indonesia Tbk (INCO) after annexing 20 percent of shares from PT Indonesia Asahan Aluminum or Inalum.

President Director of MIND ID, Hendi Prio Santoso, said in an information disclosure on the IDX that previously MIND ID did not own shares in INCO before the transaction.

He also explained that as many as 1.98 billion INCO shares represent 20 percent of all issued and paid-up shares in INCO. "The purchase price per share is IDR 6,404 per share," he said, quoted on Saturday, April 8.

He also explained, based on Government Regulation no. 46 of 2022 concerning State Equity Participation of the Republic of Indonesia for the Establishment of the Company (Persero) in the Mining Sector, the Government of the Republic of Indonesia has established the Company (Persero) PT Mineral Industri Indonesia (MIND ID).

MIND ID aims to have a function as a strategic holding of companies in the mining-related business sector. "Thus, INCO shares previously owned by Inalum are transferred to MIND ID as new holding companies from companies in the mining industry," said Hendi.

Just so you know, based on stock ownership, INCO is owned 43.79 percent by Vale Canada Limited, 15.03 percent owned by Sumitomo Metal Mining Co., Ltd, 54 percent by Vale Japan (Limited) and 20.64 percent owned by the public.