Disclosed! Jokowi wants MIND ID to close 51% stake in Vale Indonesia


The government wants state mining holding MIND ID to own 51% of PT Vale Indonesia Tbk. This was based on the decision of a limited meeting held earlier this year.

MIND ID CEO Hendy Prio Santoso unveiled the process of selling shares of Vale Indonesia in chronological order. According to him, on January 10, 2023, Vale Indonesia announced its intention to sell the 11% sale procedure to the Minister of Energy and Mineral Resources, Arifin Tasrif.

“February 5, 2023, there was a limited cabinet meeting chaired directly by the President of the Republic of Indonesia, which provided that MIND ID could increase its shareholding to 51% in PTVI, excluding public shares,” he said at the hearing (RDP). with Commission VII Jakarta, Tuesday (29 August 2023).

Regarding the sale of shares in Vale Indonesia, Hendy stated that his party wants to become the controller of the shares. In addition, his party also wants to be the controller in the field of business development, given that business development has not been optimal so far.

He continued that his party also wanted to ensure that the investment in Vale Indonesia had a more optimal rate of return by improving and optimizing the EV battery ecosystem.

“And we are determined to ensure a more consistent distribution of dividends and eliminate management and technical assistance fees arising from management agreements and technical assistance agreements that Vale Base Metal still receives directly from PTVI revenues. They are paid to Vale Base Metal from income, from proceeds, while we receive new dividends every 3 years,” he explained.

In addition, his party will also cancel the bloc voting agreement. Hendy said that Vale Canada Limited and Sumitomo Metal Mining (SMM) entered into a package voting agreement that committed SMM to follow Vale Canada’s decisions.

“And we are determined to revise the provisions of the shareholder agreement and the investor rights agreement, including the package voting provisions, which may interfere with future development,” he said.


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