Vale Shareholders Approve Right Issue And Stock Divestment

Photo illustration. (Doc. Freepic)

JAKARTA - The Extraordinary General Meeting of Shareholders (EGMS) of PT Vale Indonesia (INCO) approved the right issue and the determination of shareholders after the divestment was completed.

Quoted from the information disclosure of the Indonesia Stock Exchange, INCO management announced that shareholders have approved the company's plan to increase the company's capital by granting Pre-emptive Rights (PMHMETD) to shareholders through a limited public offering mechanism or as many as 603,443,814 new ordinary shares with a nominal value of IDR 25 per share.

The LB GMS also approved to affirm, determine, and rearrange the composition of the company's shareholders after the completion of the takeover transaction (including PMHMETD) in accordance with the share ownership data based on the list of available company shareholders after the completion of the takeover transaction.

Just so you know, the rights issue was carried out in order to fulfill INCO's share divestment obligations to MIND ID by 14 percent. MIND ID will buy and receive transfers from Vale Canada Limited (VCL), Sumitomo Metal Mining Co. Ltd. (SMM), and Vale Japan Limited (VJL) over all Preemptive Rights which will serve as their portion in private placement.

Then in the last agenda, the EGMS also approved the approval of changes to Article 11 (Directors), Article 12 (Tasks and Authority of the Board of Directors), Article 13 (Directors Meeting), Article 16 (Tasks and Authority of the Board of Commissioners) and Article 17 (Regional Meeting of Commissioners) of the Company's articles of association.

"The decision to change will only be effective in and since the completion of the takeover transaction and issuance of a Special Mining Business License as a Continuation of Contract/Parliament Operations to INCO," the management concluded.