JAKARTA. The divestment process of 20% of PT Vale Indonesia Tbk (INCO) shares was postponed until the end of May 2020.
In a report to the Indonesia Stock Exchange (IDX) dated 31 March 2020, INCO reported that the signing of definitive divestment agreements had been postponed.
Chief Financial Officer of INCo Bernardus Irmanto revealed that INCO, along with its shareholders Vale Canada Limited (VCL), Sumitomo Metal Mining Co. Ltd (SMM), and MIND ID have agreed to extend the deadline for the definitive agreements until the end of May 2020.
Bernardus said that the decision was made because there were several agreement documents that had not yet been discussed. In addition, he said, this extension is also to anticipate the latest uncertainty caused by the COVID-19 pandemic.
According to Bernard, the terms and conditions agreed upon beforehand still apply, except for the terms of extension which have been amended. (AM/AR)