The Ministry of State-owned Enterprises, led by Erick Thohir, will overhaul the management of PT Vale Indonesia (INCO) following the completion of the sale of its 14 percent stake to MIND ID.
Special Staff to State-owned Enterprises Minister, Arya Mahendra Sinulingga, said the decision to change the company’s management was based on an agreement that stipulates the rights of shareholders to reshuffle the board of commissioners and directors.
“Last month we agreed that because the government or the SOE Ministry is the largest majority shareholder, it has the right to change the board of directors and commissioners,” Arya said at a meeting in Jakarta on Monday, February 19, 2024, as quoted by bisnisindonesia.com.
He, however, said that so far the SOE Ministry has not received the names of the candidates for commissioners or directors of Vale Indonesia.
This follows the resignation of two Vale Indonesia commissioners ahead of the planned sale of foreign shares to state-owned mining holding company MIND ID. The management of INCO announced that on 9 February 2024, Vale Indonesia received letters of resignation from Deshnee Naidoo as President Commissioner of INCO and Gustavo Garavaglia as Commissioner of INCO.
In accordance with the Regulation of Financial Services Auhority (OJK) No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies, INCO will hold a general meeting of shareholders no later than 90 days after receiving the letters of resignation.
On the other hand, Arya has not been able to mention the sale price agreement reached by both parties, as he has to wait for the official announcement and signing by both parties.
