JAKARTA – PT Vale Indonesia Tbk (INCO) has acquired shares in its joint venture entity, PT Bahodopi Nickel Smelting Indonesia (BNSI), through GEM Hong Kong International Co., Ltd (GEM).

Wiwik Wahyuni, Chief of CEO Office and Corporate Secretary of INCO, explained that GEM had purchased 1 million shares in BNSI, while INCO added 163.26 thousand shares.

With this transaction, the ownership structure of BNSI has changed significantly. Vale Indonesia now holds 960.89 thousand shares with a nominal value of approximately Rp960.88 billion, while GEM controls 1 million shares with a nominal value reaching IDR1 trillion.

This acquisition process has been formalized through the deed of shareholder resolution for BNSI on March 13, 2025, and has received approval and notification of amendments to the articles of association and corporate data from the Minister of Law and Human Rights on March 26, 2025.

“This transaction will not impact the company’s operations, legal matters, financial condition, or business continuity,” said Wiwik in an official statement, quoted Friday (April 4).

For context, BNSI is a company established by INCO, a joint venture between INCO and its partner, which will be responsible for the construction and operation of a processing plant.

Previously, INCO and GEM collaborated on the construction of a net-zero nickel processing plant with an investment value of US$1.4 billion in November 2024.

This project will utilize advanced High-Pressure Acid Leaching (HPAL) technology and is located in Central Sulawesi. The facility is designed to produce up to 60,000 tons of nickel per year.

As of the market close on Thursday (March 27), INCO’s share price stood at Rp2,270 per share. However, the stock price has declined by 1.30% over the week and 17.45% over the past month. (EF/LM)