INCO – To sign an agreement on valuation and share price, next Monday

INCO – To sign an agreement on valuation and share price, next Monday Vale Indonesia (INCO) already calculated its shares' valuation in order to divest 14% of its shares to MIND ID (around 1.39 bn shares) as INCO, Vale Canada Limited (VCL), Sumitomo Metal Mining (SMM) and MIND ID had signed a divestment agreement, which stated that both, VCL and SMM will proportionally transfer around 14% of INCO' shares to MIND ID. As for the agreement on valuation and share price, the Ministry of Energy and Mineral Resources expects it to be signed by INCO and MIND.ID on February 26th, 2024. Note that, the divestment is needed for INCO to acquire new permit from the government as to continue its business in Indonesia. In 2023, INCO' revenue and net profit grew 4.48% yoy and 36.89% yoy to USD1.23 bn and USD274.33 mn, respectively. (Source : Bisnis Indonesia)