Target Of Divestment To Be Completed In July 2024, Minister Of Energy And Mineral Resources: With Several Stages

Minister of Energy and Mineral Resources Arifin Tasrif (Photo: Antara)

JAKARTA - The government through the Ministry of Energy and Mineral Resources (ESDM) targets Vale's divestment process to be completed in July 2024.

Minister of Energy and Mineral Resources Arifin Tasrif said the completion of this divestment process would go through a number of stages.

"This divestment process is targeted to be completed in July 2024 with several milestones (stages)," said Arifin at a Working Meeting (Raker) with Commission VII DPR RI quoted on Thursday, April 4.

Arifin detailed that the stages that will be passed for this divestment process, among others, on April 19, 2024, will be held by the Extraordinary General Meeting of Shareholders (EGMS).

Then followed by confirmation of Right Issue by the Financial Services Authority (OJK) on June 5, 2024.

Then on June 21, 2024, it will be the right issue period and ending on July 1, 2024, there will be an asset or share distribution.

"With the additional 14 percent divestment to the government of the Republic of Indonesia, PT Vale Indonesia's shares are open to 34 percent for MIND ID, so they become the largest shareholders," continued Arifin.

By releasing 14 percent of its shares, continued Arifin, there will be changes in the composition of the board of directors and commissioners in PT Vale Indonesia.

Later MIND ID as the largest shareholder will have the right to nominate the main commissioner, 2 other commissioners, the president director (CEO), and the director responsible for human resources.

Playing the second largest shareholder, he continued, Vale Canada will nominate deputy president commissioners, 2 other commissioners, directors of operations (COO), and directors of sustainability or sustainability (Chief of Sustainability and Corporate Affairs).

Then Sumitomo Metal Mining with 11.48 percent shares will nominate 1 commissioner.