MIND ID Insists On Being Vale Indonesia's Controlholder

Illustration (Photo: Doc. Antara)

JAKARTA - President Director of MIND ID Hendi Prio Santoso expressly stated that he wanted to be the holder of PT Vale Indonesia Tbk (INCO).

According to him, this is in accordance with the mandate of the government and it has the decision to consolidate it.

"And become the controlling shareholder of PT Vale Indonesia," said Hendi in a Hearing Meeting with Commission VII DPR RI, Tuesday, August 29.

In addition, he said, his party wanted to be the controller of the fulfillment of PTVI's business because his party considered Vale's track record and track record to be not optimal as long as they were in control.

Not only that, Hendi also wants to ensure that investment in Vale Indonesia has a more optimal return rate by developing downstream for optimization to the electric vehicle battery system.

He revealed that since being the controller, MIND ID has invested US$372 million.

From the dividend side, Hendi wants Vale's dividend distribution to run more consistently if MIND ID holds control rights.

"We have determined to ensure that the provision of dividends that are more consistent and eliminate the existence of management assistant fees and technical assistant fees that arise from the management assistant agreement and technical assistant agreement which Vale Base Metal takes from revenue, from the top line," explained Hendi.

It is known that for three years as the controller of Vale, MIND ID has only received a share of 30 million US dollars.

"So there were a few years from 2020 to 2022 that there were no dividends. So we also recorded a low return on investments that have been invested in PTVI," added Hendi.

Hendi said that his party would also overhaul the provisions in shareholders agreement, right agreement investors, including the provisions of block voting that could potentially hinder developers.

"We are determined to overhaul the provisions of the transfer agreement, right agreement investors, potentially hampering future development," concluded Hendi.