Regarding The Progress Of Divestment, Vale Boss: Don't Ask Me

JAKARTA - President Director of PT Vale Indonesia Febriany Eddy stated that until now the process of releasing Vale Indonesia's shares to the Indonesian government through the state-owned mining holding, MIND ID is still being carried out.

"Wow, it's a process," Febriany told the media quoted on Wednesday, September 27.

According to him, the divestment process is the authority of shareholders so that he does not know the details of the divestment agreement that occurred.

"That's a shareholder transaction, so it's not me. Don't ask me hehe," concluded Febriany.

Previously, the Acting Director General of Mineral and Coal (Minerba) of the Ministry of Energy and Mineral Resources Muhammad Wafid explained, in this divestment process, Vale Canada and Sumitomo Metal Mining offered to release their shares by 14 percent from the previous 11 percent to the BUMN mining holding, MIND ID.

"PT Vale provides the following share divestment offer for SMM and Vale Canada has an 11 percent divestment obligation and offers 14 percent higher," Wafid said in a Hearing Meeting with Commission VII DPR RI, Sealsa, August 29.

With this divestment by Vale Canada and SMM, Wafid continued, the composition of PT Vale's shareholders will change as follows:

- Vale Canada Limited from the current 43.79 percent to 33.29 percent, - Mind ID from 20 percent to 34 percent and domiciled as the largest shareholder, - Sumitomo Metal Mining from 15.03 percent to 11.53 percent, - Vale Japan Ltd to 0.54 percent, and - Public to 20.64 percent.