JAKARTA - PT Mineral Industri Indonesia (Persero) (MIND ID) will become a joint controller with Vale Japan Limited (VCL) in PT Vale Indonesia Tbk (INCO) via a rights issue of 603.44 million shares. The proceeds from this corporate action will be used for capital expenditure and working capital.

In the disclosure of information quoted on Thursday (14/3), the issuer will hold an Extraordinary Meeting of Shareholders (RUPS) to obtain approval for the rights issue on (19/4). This plan will be held no later than 12 months after shareholder approval.

MIND ID, one of INCO's shareholders, will receive the transfer of shares from VCL, Sumitomo Metal Mining Co Ltd (SMM), and Vale Japan Limited (VJL). With this plan, MIND ID's share will increase by 14%, bringing its ownership to 34% of INCO's issued and fully paid-up capital. SMM and VCL are required to divest their shares referring to the agreement signed and effective since last week (26/2).

As of February 29, 2024, INCO shares were recorded at 9.93 billion with the owner structure, namely, Abu Ashar 0%, MIND ID 20%, VCL 42.79%, SMM 15.03%, and the public 20.46%. The final beneficiaries of INCO's share ownership are Vale SA through 43.79% by VCL and 0.54% by VJL and the Indonesian government with 20% ownership via MIND ID.

Yesterday (13/3), the issuer's share price closed at IDR 4,300 per share. The highest share was traded at IDR 4,320 and the lowest at IDR 4,040 per share. The frequency of this stock was traded 10,686 times in 37.9 million worth IDR 160.02 billion. Market capitalization (market cap) was recorded at IDR 42.72 trillion. (LK/LM)