MIND ID Ready To Annex Vale's Shares, Minister Of SOEs: Whatever We Leave We Take

Mining illustration (Photo: Doc. Antara)

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir confirmed that the Mining BUMN Holding or MIND ID is ready to increase share ownership in PT Vale Indonesia Tbk (INCO). He said, whatever shares Vale released are ready to be taken MIND ID.

For your information, Vale is currently planning to release or divest 14 percent of its shares.

"Whatever (Saham Vale is released ready to be taken). SOEs have money. Don't say SOEs don't have money now. We just have net income of approximately IDR 250 trillion. So there is money," Erick told reporters, Tuesday, July 18.

Currently, continued Erick, negotiations between MIND ID and Vale are still ongoing. Including the issue of the amount of the share price to be released to MIND ID.

Erick hopes negotiations run smoothly and MIND ID can become the majority and controlling shareholder in Vale.

"We want, if we can, Vale, we have a bigger portion. But this is still in negotiations," he explained.

For your information, currently the composition of Vale Indonesia's shareholders consists of 43.79 percent owned by Vale Canada Limited. Then, 15.03 percent belongs to Sumitomo Metal Mining Co., Ltd (SMM).

Then, Vale Japan Ltd's 0.54 percent. Meanwhile, 21.18 percent became public shares listed on the IDX, and 20 percent owned by MIND ID.

Previously reported, MIND ID President Director Hendi Prio Santoso admitted that he was ready to take the shares released by Vale. He also expressed his desire to become the controlling shareholder of Vale.

However, Hendi admitted that he could not speak in more detail regarding the plan to control the shares. This is because negotiations are still ongoing.

"The division of tasks is not clear, but we want it to be the controller, not us, but the mandate from the government," he said at the Ministry of SOEs, Jakarta, Monday, July 17.