Vale's Stock Divestment Has Not Been Decided, This Is What The Ministry Of Energy And Mineral Resources Said

JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) has opened its voice regarding the undecided divestment of shares of PT Vale Indonesia Tbk (INCO).

Whereas previously President Joko Widodo said that Vale's decision would be announced at the end of July.

Meanwhile, Minister of Energy and Mineral Resources Arifin Tasrif and Minister of Investment/BKPM Bahlil Lahadalia have held a limited meeting to finalize the decision.

Acting (Plt) Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources, Muhammad Wafid, admitted that he had not received any guidance from the Minister of Energy and Mineral Resources Arifin Tasrif regarding the flat decision regarding the continuation of Vale's share divestment.

However, he ensured that the decision had been finalized considering the Regional Development Plan (RPSW) that had been discussed previously.

"It should have been finalized. So far, the RPSW has been launched and discussed yesterday," said Wafid, who was met at the Ministry of Energy and Mineral Resources Building, Tuesday, August 1.

Wafid added that discussions on financial and operational consolidation are being discussed between the BUMN, MIND ID and Vale mining holdings and the composition of the offered shares of 14 percent.

"It's what 11 plus 3 offers. Still that," added Wafid.

He added that the shares that would later be released to the government were the share portion owned by Vale Canada Limited (VCL) which is currently still at 44.3 percent.

"Yes, from the corporations that yesterday reduced the 11 plus 3. Of the 40, the rest," concluded Wafid.

For your information, currently the composition of Vale Indonesia's shareholders consists of 43.79 percent owned by Vale Canada Limited.

Then, 15.03 percent belongs to Sumitomo Metal Mining Co., Ltd (SMM).

Then, Vale Japan Ltd's 0.54 percent. Meanwhile, 21.18 percent became public shares listed on the IDX, and 20 percent owned by MIND ID.