PT Mineral Industri Indonesia (MIND ID) and PT Vale Indonesia Tbk (INCO) have reached an agreement for the divestment of 14% of their shares. 

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the price for the transaction of 14% of the shares to be divested has been agreed upon. The agreed value is said to be around IDR 3,000 per share. 

"(The deal) has been done. Hopefully, in a few days, we will just need the administration," Arifin explained at the Directorate General of Oil and Gas Office of the Ministry of Energy and Mineral Resources, on Friday (16/2).

Arifin continued, that the agreement is expected to be finalized in the coming days. In addition, the government will get a discount for this transaction through MIND ID. 

"(Vale's current share price) is below that. A little over IDR 3,000.  We are waiting for the official announcement," Arifin continued. 

Minister of State-Owned Enterprises (BUMN) Erick Thohir revealed the progress of the divestment of PT Vale Indonesia Tbk (INCO) shares. 

Erick said that there was already a breakthrough in the negotiation process. The government, through the state-owned mining holding company MIND ID, managed to agree on the price of the shares to be purchased from Vale. 

"Vale has agreed, but we will announce it later with an official signing," Erick explained to the media crew after the BUMN Gen event at PIM 3, Jakarta, Tuesday evening (13/2).

However, Erick did not want to disclose the exact figure the government had obtained. He emphasized that there has been a price comparison process to find the best offer or price comparison in acquiring Vale. 

"What is certain is that back when I negotiated with Vale, there had to be a price comprising discount. Otherwise, they will relinquish or disinvest," Erick explained.
 

Image source: KONTAN / Arfyana Rahayu

Source: https://industri.kontan.co.id/news/menteri-esdm-mind-id-dan-vale-sepakati-nilai-divestasi