Legitimate! MIND ID controls 20% of Vale Indonesia (INCO) shares

ILLUSTRATION. Minister of BUMN and Minister of Energy and Mineral Resources attended the signing of the definitive agreement for the divestment of Vale Indonesia (INCO) by MIND ID

Reporter: Akhmad Suryahadi | Editor: Herlina Kartika Dewi

KONTAN.CO.ID – JAKARTA. PT Vale Indonesia Tbk (INCO) officially announced the transfer of 20% of its shares to PT Indonesia Asahan Aluminum (Inalum) or MIND ID.
Quoting the disclosure of information on the Indonesia Stock Exchange website, Wednesday (7/10), the divestment of 20% shares amounts to Rp 5.52 trillion, consisting of 1.98 billion shares.

The total 20% shares sold and transferred to MIND ID consisted of 14.9% and 5.1% of the shares of Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd., respectively. (SMM) at INCO.

After completing this transaction, VCL owns 44.3% 2 shares and SMM owns 15.0% shares in Vale Indonesia or a total of 59.3% shares.

“The completion of this divestment puts PT Vale Indonesia in the right position to continue to contribute to Indonesia’s development and strengthen PT Vale Indonesia’s long-term commitment to processing nickel resources in order to increase added value, sustainability and local empowerment in this country,” said Nico Kanter, CEO and President Director of Vale Indonesia in their official statement.

Also Read: Despite the Rising Nickel Price, INCO Management Remains Conservative

This divestment was carried out in order to fulfill INCO’s obligations based on the Amendment to the Contract of Work dated 17 October 2014 signed by INCO and the Government of the Republic of Indonesia (Amendment to CoW).

Based on the COW Amendment, divestment is one of the obligations that this nickel issuer must fulfill to continue its operations after 2025.

“This strengthens PT Vale’s long-term commitment to prosperity, sustainability and local empowerment in Indonesia,” said Nico.

Previously, at the extraordinary general meeting of shareholders (EGMS) which was held on Monday (7/9), INCO added its board of commissioners and directors in line with the plan to divest 20% of the nickel producer shares to the state-owned enterprise (BUMN) mining holding.

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Reporter: Akhmad Suryahadi
Editor: Herlina Kartika Dewi





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