Bakal Right Issue, Vale Terbitkan 603,44 Juta Saham Baru

JAKARTA - PT Vale Indonesia Tbk (INCO) stated that it would increase capital through Pre-emptive Rights (PMHMETD) or rights issue.

Citing the prospectus, Vale will issue a maximum of 603,445,814 new company shares with a nominal value of IDR 25 per share.

Through this corporate action, the BUMN mining holding, MIND ID is certain to be Vale's largest shareholder.

"MIND ID will implement all of these Preemptive Rights and Preemptive Rights which will become MIND ID's portion in PMHMETD. MIND ID will receive an additional 14 percent stake so that it becomes INCO's largest single shareholder with 34 percent share ownership," wrote Vale's management quoted Friday, March 15.

Regarding the rights issue plan, the company is required to obtain shareholder approval at the Extraordinary General Meeting of Shareholders (EGMS) scheduled for April 19, 2024.

"This PMHMETD is part of the implementation of the fulfillment of the company's share divestment obligations to the government of the Republic of Indonesia based on the provisions of the legislation that applies in the mining sector," the management continued.

With the implementation of this right issue, INCO shareholders who do not use Preemptive Rights will be subject to dilution over the percentage of share ownership in INCO to a maximum of 5.73 percent if all Rights issued by INCO are carried out by eligible Rights holders.