Want To Annex Vale's Shares, MIND ID Boss: Negotiations Still Ongoing

JAKARTA - The BUMN mining holding, MIND ID plans to increase shares in PT Vale Indonesia Tbk. Currently, negotiations are still ongoing.

As is known, to continue its operation, Vale must divest 11 percent of shares to Indonesia. MIND ID itself intends to be the controlling shareholder.

President Director of MIND ID Hendi Prio Santoso admitted that he could not speak in more detail regarding the plan to control the shares.

"God willing, hopefully," he said, at the Ministry of SOEs Jakarta, Monday, July 17.

Hendi said, based on the mandate of the MIND ID government, it could consolidate financial reports.

"In detail, I can't talk yet, because the negotiations have not been completed, but the mandate is that we can consolidate. To consolidate in terms of financial reports, and there is also control in several aspects," he said.

Vale himself plans to release another 14 percent stake to Indonesia. Even so, MIND ID wants to be the controller in accordance with the government's mandate.

"The division of tasks is not clear, but we want it to be the controller, not us, but the mandate of the government," he said.