PTNDY - Vale Base Metals Finalizes Plans to Reduce Equity Interest in PT Vale Indonesia Tbk | Benzinga
TORONTO, Feb. 26, 2024 /PRNewswire/ - Vale Base Metals ("VBM") informs that Vale Canada Limited ("VCL") signed a Definitive Agreement ("Agreement") with PT Mineral Industri Indonesia ("MIND ID") and Sumitomo Metal Mining Co., Ltd. ("SMM") regarding the divestment obligation of PT Vale Indonesia Tbk ("PT Vale"). Under the Agreement, VCL and SMM will divest approximately 14 per cent pro-rata combined equity interest in PT Vale to MIND ID.
Upon completion of the transaction, MIND ID will hold approximately 34 per cent of PT Vale's issued shares, making it the largest shareholder in the company. VCL and SMM will hold 33.9 per cent and 11.5 per cent, respectively. Approximately 20.6 per cent will continue to be held by the public on the Indonesia Stock Exchange.
Transaction background
In October 2014, ...