Officially Divested 14 Percent, Vale Signs HoA At San Frasasco

Minister of Energy and Mineral Resources Arifin Tasrif (Photo: dock. VOI)

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that PT Vale Indonesia had signed a Head of Agreement (HoA) regarding its 14 percent divestment agreement to Mind ID.

"Yes, the Hoa is in San Francisco," Arifin told the media when met at the Ministry of Energy and Mineral Resources Building, Friday, November 17.

Arifin said the signing of the HOA coincided with the agenda of the Asia Pacific Economic Cooperation (APEC) or the Asia-Pacific Economic Cooperation which took place in San Francisco.

However, Arifin is still reluctant to divulge the amount of the divestment price that Vale has given to Mind ID. He ensured that the price given must be cheaper than the market price.

Previously, he said, Vale had also promised to pay a low price when the divestment was agreed.

"Later! The price hasn't yet, so just hurry, the important thing is to be cheaper than the market price," continued Arifin.

Arifin also did not provide any leaks regarding which party released their share ownership.

"Try to find it. Valenya has a sumitormo. The total is 14 percent, which one is more willing," he said.

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.