Officially Annexed 14 Percent Of Vale Indonesia's Shares, MIND ID Gets The Position Of CEO And Director Of Human Resources

President Director of MIND ID Hendi Prio Santoso (Photo: Mery Handayani/VOI)

JAKARTA - MIND ID received two seats in the board of directors of PT Vale Indonesia Tbk (INCO), namely CEO and Director of Human Resources. The position was obtained after MIND ID officially acquired 14 percent of Vale Indonesia's shares and became the majority shareholder.

MIND ID President Director Hendi Prio Santoso said the two positions were also obtained in accordance with other Vale Indonesia shareholders.

"Our CEO is MIND ID, HR Director from MIND ID too later," he said after signing the divestment of Vale Indonesia's shares, at the Pullman Hotel, Jakarta, Monday, February 26.

In addition to the agreed quota, Hendi did not say that later there would also be a board of directors chosen by the shareholders.

"Then later there will be directors who will be selected together through the GRNC commitment," he said.

On this occasion, Hendi also said that in this latest agreement, it had removed the previous agreement between Vale Canada Limited (VCL) and Sumitomo Metal Mining Co Ltd (SMM) regarding the voting block.

"The voting block said it was done. We have canceled it," he said.

For your information, block voting agreement is an agreement between VCL and SMM. Where in the agreement SMM will follow the decision taken by VCL. With this block voting, VCL as the parent of Vale Indonesia can make any decisions even if it is not the majority shareholder.

Previously, it was reported that PT Vale Indonesia (INCO) has officially released 14 percent of its share ownership to the Mining SOE holding, MIND ID through the Signing of Certain Transaction Agreements for the Acquisition of PTVI Shares which took place on Monday 26 February 2024 at the Pullman Hotel Jakarta.

The price per share released is IDR 3,050 per share.

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan in his remarks said that Vale's share divestment process was a long journey and the release of this stock would make Indonesia Vale's largest shareholder.

In the divestment process, Luhut ensured that there was no dredging of land or relinquish.

"Why do we agree that there is no railquish because we want (Vale) to be a world model that the environment in Vale is very good. This is also an important sign in the future downstream of Indonesia, especially for the supply of nickel derivative products to the European and American markets," said Luhut in his remarks, Monday, February 26.