Govt Poised to Buy INCO Shares at Discounted Price

PT Vale Indonesia (INCO) may be poised to have a discounted divestment price as the government, through MIND ID, have been wishing for. However, a lower selling price would incur a short-term pressure on INCO’s stock.

Editorial Team

18 Feb 2024 - 17.08
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Govt Poised to Buy INCO Shares at Discounted Price

PT Vale Indonesia Tbk electric truck. (INCO) driven by women.

Bisnis, JAKARTA — Reportedly, PT Vale Indonesia’s (INCO) divestment may possibly be priced at IDR3,000 per share, or far below the market price. The low selling price, has the potential to impact the company’s stock in the short term.

INCO dipped sharply at the end of last week’s trade on Friday (16/2/2024), by -7.75 percent in a single day to IDR3,690, after Energy and Mineral Resources (EMR) Minister Arifin Tasrif mentioned that he and INCO had agreed on a divestment price of around IDR3,000 per share.

INCO is in the process of divesting 14 percent of its shares owned by Vale Canada Limited and Sumitomo Metal Mining Co., Ltd to the state-owned mining holding PT Mineral Industri Indonesia or MIND ID.

While Arifin did not provide the specific agreed-upon price, the minister ensures that the price of INCO share divestment is below the current market price. "[The price] is below today's market price. Wait for the official announcement, [the selling price is] around IDR3,000," Arifin told reporters in Jakarta, Friday (16/2/2024).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.