The Minister Of Energy And Mineral Resources Said That Vale Indonesia Opens Opportunities For Share Divestment Of More Than 11 Percent, As Long As...

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that based on the results of a meeting conducted by the government and PT Vale Indonesia Tbk or PT Vale on May 4, 2023, it was revealed that PT Vale opened the opportunity to divest more than 11 percent.

"As a result of the May 4, 2023 meeting regarding divestment, Vale opened up opportunities for share divestment greater than 11 percent, with operational control rights, and financial consolidation," said Arifin Tasrif in a Working Meeting with the Minister of Energy and Mineral Resources on Tuesday, June 13.

Arifin added, on the same occasion MIND ID also wants operational control rights and financial consolidation.

However, continued Arifin, until now PT Vale has not conveyed the divestment share price.

"PT Vale has yet to convey the share price of divestment," continued Arifin. Arifin explained, based on the monthly report on the registration of securities holders in June 2023, the composition of PT Vale's shareholders in the stock exchange included Vale Canada Limited at 43.79 percent, MIND ID 20 percent, Sumitomo Metal Mining Co. Ltd at 15.03 percent, the public / public at 21.18 percent consisting of foreign investors 59.47 percent, and national investors at 40.53 percent.

Previously, Arifin emphasized that PT Vale Indonesia Tbk (INCO) had an obligation to divest its shares by 11 percent.

This is an obligation to extend the Special Mining Business Permit (IUPK).

"So Vale has an obligation (divest) of 11 percent," Arifin said on Friday, February 24.

Arifin said that later the government would consider the distribution of shares of the divestment proceeds between state-owned mining holding companies and regional companies.

"The distribution will be able to go to the regions and SOEs. It needs to be consolidated," added Arifin.