Free Shares 14 Percent, Vale Holds EGMS Next Month

JAKARTA - PT Vale Indonesia Tbk (INCO) will hold an Extraordinary General Meeting of Shareholders (EGMS) on December 6, 2023. In the invitation received by VOI, it was stated that one of the meeting agendas was a change of directors.

The implementation of the change of directors at the EGMS refers to the provisions of Article 8 of the Financial Services Authority Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers and Public Companies, and in accordance with the Company's Articles of Association, the resignation of members of the Board of Directors was decided based on the decision of the General Meeting of Shareholders.

The change of directors is in line with the statement of the Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif who said that the MIND ID Mining BUMN Industry Holding would be the majority shareholder and also the controller of the Vale Indonesia mine.

MIND ID became the majority shareholder in Vale Indonesia in line with the increase in share ownership by 14 percent. Previously, MIND ID owned 20 percent of the shares, so MIND ID's share ownership in Vale Indonesia became 34 percent.

"Later there will be a board management, in principle the President Director and Komut will be the largest holder," said Arifin.

However, continued Arifin, the change in position of President Director of Vale Indonesia will wait for the entire divestment process to be completed. The position of President Director of Vale is currently held by Febriany Eddy.