Energy Ministry: PT Vale’s Divestment Offer Needs Coordination with Finance Ministry

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1/9/2019

Energy Ministry: PT Vale’s Divestment Offer Needs Coordination with Finance Ministry

Yunus Saefulhak, the Director of Mineral at the Energy and Mineral Resources Ministry said that the PT Vale would be required to divest its shares in June 2019. “However, before it is due, Vale wants to sell its shares,” (...)

Yunus Saefulhak, the Director of Mineral at the Energy and Mineral Resources Ministry said that the PT Vale would be required to divest its shares in June 2019. “However, before it is due, Vale wants to sell its shares,” Yunus told CNBC Indonesia on Monday (7/1). According to Yunus, this is in line with Government Regulation No. 77/2014 requiring Vale to divest 40 percent of its shares. Currently, 20 percent of the shares are owned by the public. Yunus added that the government appreciated Vale for offering the shares to state-owned enterprises. “It needs coordination with the Finance Ministry in relation to the offer from Vale. So, when it’s due, it will be considered as a divestment,” he said.

PT Vale Indonesia has declared their willingness to divest the shares to the Indonesian government. “PT Vale Indonesia will fulfill its divestment obligation in line with the Amendment Agreement of the Contract of Works and the applicable laws. PT Vale sent a letter to the Energy Minister related to the divestment,” PT Vale Indonesia Senior Manager of Communication Suparam Bayu Aji said on Saturday (5/1).

Source: Cnbcindonesia.com, 7 January 2019

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Energy Ministry: PT Vale’s Divestment Offer Needs Coordination with Finance Ministry