Vale Stock Divestment, Minister Of Energy And Mineral Resources Asks For Special Prices

Minister of Energy and Mineral Resources wisely Tasrif (photo: Maria Trisnawati/VOI)

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the release of PT Vale Indonesia's shares or divestment to the Mining BUMN Industry Holding MIND ID was agreed to be 14 percent.

Regarding the released share price, Arifin said it was an agreement between shareholders on a business to business (B2B) basis. Currently, discussions are still being held to determine the price.

Even so, Arifin also asked Vale to give the price'special' to the MIND ID Mining BUMN Industry Holding.

"That's talking together (between shareholders), the important thing is that the price must be special price for us," he said when met at the Ministry of Energy and Mineral Resources, Jakarta, Friday, November 10.

For your information, Vale Indonesia's shares are currently held by Vale Canada Limited at 43.79 percent. Meanwhile, Sumitomo Metal Mining owns 15.03 percent. Then about 20 percent is held by the public with a list on the Indonesia Stock Exchange (IDX). Meanwhile, MIND ID itself already owns 20 percent of Vale Indonesia's shares.

Arifin said with the addition of 14 percent of the shares from the divestment, MIND ID's total share ownership was 34 percent in Vale Indonesia. This portion also makes MIND ID the majority shareholder of Vale Indonesia.

"MIND ID can be 34 percent and that's the majority of it," said Arifin.