Divestment Of 14 Percent Of Vale's Shares Has Finalized, Minister Of Energy And Mineral Resources: Joint From Sumitomo And Vale Canada

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif opened his voice about the undecided divestment of shares of PT Vale Indonesia Tbk (INCO).

Arifin explained that at this time it had been decided that Vale would release 14 percent of his shares to Indonesia through the Mining Mind ID BUMN holding.

"So Vale has finished. Now it's just a business to business (Vale with MIND ID) regarding divestment," Arifin told the media at his office, Friday, August 4.

Arifin also confirmed that currently Vale was willing to release its shares by 54 percent.

"In the past, it had divested 40, now it's 14 again, so it's 54 percent," added Arifin.

However, he was reluctant to explain who controlled Vale's assets and finances because it was a decision between the two companies.

Meanwhile, regarding the divestment value, Arifin only said that there would be a discount on the price from Vale.

"What is clear is that Vale offers as much as 14 percent of his shares. There is a discount," concluded Arifin.

He added that the shares that Vale released were a combination of shares belonging to Vale Canada and Sumitomo.

"Two connections, from Sumitomo and Vale," concluded Arifin.

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.