Receh.in - The Indonesian government has ordered state-owned companies to increase their stake in PT Vale Indonesia Tbk. The Special Staff of the Ministry of BUMN, Arya Sinulingga, announced on Friday (3/2/2023) that the BUMN mining company, MIND ID, is interested in increasing its stake in Vale.
Arya stated that MIND ID is serious about utilizing its investment, and if the government gives the green light, the company will move forward with increasing its ownership. He added that the company is hopeful that the price offered will be favorable.
Earlier, the Minister of BUMN, Erick Thohir, revealed that state-owned companies will play a role in the divestment of Vale Indonesia's shares. This follows a similar scenario with PT Freeport Indonesia (PTFI). Erick said that the President of Indonesia, the Minister of Energy and Mineral Resources, the Coordinating Minister for Maritime and Investment Affairs, the Minister of Finance, the Minister of Economics, and the Minister of Investment have agreed that the BUMN will be involved in the divestment of Vale.
Vale is required to divest 51% of its shares as a requirement for renewing its contract in Indonesia from a Contract of Work (CoW) to a Special Mining Business License (IUPK). Vale has already divested 20% of its shares to MIND ID.
Erick stated that Vale is an important part of Indonesia's economy as it is a major producer of nickel. According to the Indonesian Stock Exchange (BEI), the current ownership of Vale Indonesia is 20% by PT Indonesia Asahan Aluminium (Persero), 43.79% by Vale Canada Limited, 15.03% by Sumitomo Metal Mining Co Ltd, and 21.18% by the public.
In conclusion, the BUMN is ready to follow the government's direction and increase its stake in PT Vale Indonesia Tbk if given the go-ahead. The company sees this as a favorable investment opportunity and is hoping for favorable pricing.
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