Vale Divestment Share Price Has Been Approved, Will The Deal Be Signed Today?

JAKARTA - The share divestment process in PT Vale Indonesia (INCO) has reached a price agreement with the state-owned mining holding, MIND ID.

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said that the price agreed between the two companies was final at IDR 3,000 per share.

Arifin said he hopes that the signing of the share divestment will take place today, Monday, February 19, 2024.

"We'll wait a few days, hopefully it can be finished by Monday, the team is all working, finalizing the legal languages," said Arifin, quoted Monday, February 19.

Arifin said the price agreed upon by both parties was in the range of IDR 3,000 per share or below Vale's current market price.

"Below that market price, the head is still three (above IDR 3,000) but the head is cool," said Arifin.

Meanwhile, Minister of State-Owned Enterprises (BUMN) Erick Thohir said that the agreed share price resulting from negotiations would be reported to President Joko Widodo (Jokowi) first and if approved, the divestment signing would be carried out immediately.

"I will report on the Vale agreement, where the Ministry of BUMN, Ministry of Investment and Ministry of Energy and Mineral Resources are jointly carrying out these negotiations on an ongoing basis," said Erick when met at JIExpo Kemayoran, Jakarta, Sunday, February 18.

"So later, when we have really reported the price to the President and the President has given it the OK, only then will the cooperation be signed, between BUMN and Vale," he continued.

Furthermore, Erick targets that the signing of the Vale share divestment price agreement can be carried out next week.