The Minister Of Energy And Mineral Resources Leaked Changes In Commissioners And Directors Of Vale Post-Divestation

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

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the stock divestment process of PT Vale Indonesia Tbk (INCO) will be completed on July 1, 2024.

Just so you know, through this divestment, later the BUMN mining holding, MIND ID will become INCO's largest shareholder. Changes in the share portion will also affect the composition of INCO's directors and commissioners.

"MIND ID will have the right to nominate the President Commissioner, 2 other Commissioners, the President Director (CEO) and the Director in charge of HR (Chief of Human Capital)," said Arifin, quoted Thursday, April 4.

Meanwhile, as the second-largest shareholder, Vale Canada with a total stake of 33.88 percent has the right to 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, which narrowed 11.48 percent of the shares, will have the right to nominate 1 commissioner.

Previously MIND ID had signed a series of definitive agreements with PT Vale Indonesia Tbk, Vale Canada Limited (VCL), and Sumitomo Metal Mining Co., Ltd. (SMM) in the context of divesting foreign shares in PT Vale Indonesia Tbk by 14 percent on February 26.

With the signing, MIND ID currently holds the shares of PT Vale Indonesia Tbk. by 34 percent.