MIND ID Boss Ensures Vale Stock Divestment Completed By July 2024

President Director of MIND ID Hendi Prio Santoso (left). (Photo: Doc. ANTARA)

JAKARTA - President Director of MIND ID Hendi Prio Santoso ensured that the share divestment process of PT Vale Indonesia will be completed no later than July 2024. With the owner of the process, MIND ID will get 14 percent of the shares.

Currently, said Hendi, MIND ID owns 20 percent of Vale Indonesia's shares. With an additional 14 percent through this divestment, MIND ID will become the majority shareholder.

"God willing, we will increase ownership to 34 percent. God willing, we will implement the plan in the period June to July 2024," he said in a meeting with Commission VI of the DPR, at the DPR RI Complex, Senayan, Jakarta, Monday, June 3.

Furthermore, Hendi also explained that Vale Indonesia is the only producer producing nickel mate commodities in Indonesia.

The nickelcurrency is a product used to produce nickel sulfate. Where the product is an integral component in the raw material chain of batteries.

"Vale is the only nickelcurrency in Indonesia," he said.

As previously reported, 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 to 27, 2024, the right issue period will end on July 1, 2024, there will be an asset or share distribution.