Regarding Indonesia Being The Majority Of Vale's Share Ownership, Bahlil: 20 Percent Of The Public And 34 Percent Of SOEs

Investment Minister Bahlil Lahadalia (Photo: dock. Antara)

JAKARTA - Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia opened his voice about the clarity of the release of PT Vale Indonesia Tbk's shares to the state-owned mining BUMN Holding, MIND ID.

Bahlil said Vale would release 14 percent of his shares to MIND ID and would certainly be the controller.

"It's possible at 14 percent. Now MIND ID shares are 20 percent, yes, it's probably 14 percent," Bahlil told the media at the Presidential Palace, Friday, November 10.

Bahlil added that this decision was the result of a limited meeting with President Joko Widodo. In principle, he said, the extension of Vale's Work Contract (KK) into a Special Mining Business Permit (IUPK) has been approved to be carried out.

"Yesterday we sold it. Now it's just a little more finalization, and in principle it has been agreed to extend it," continued Bahlil.

Just so you know, Vale's family will end in December 2025.

With the addition of shares of 14 percent, MIND ID's shares, which previously amounted to 20 percent, will increase to 34 percent.

"The public shares are now 20 percent listed in the public, so it is possible that SOEs will get an additional 34 percent, so if accumulated it is the same as 54 percent," continued Bahlil.

Regarding prices, Bahlil said there was no agreement on the amount of price and it was still in the negotiation process but Bahlil asked Vale to give MIND ID a fair price.

"It's being discussed, because it's b2b, we have to respect investors, but also don't let investors give high prices to SOEs. It has to be fair," concluded Bahlil.