Why Do INCO and Inalum Delay Signing the Divestment Agreement?

By Editorial Team 02/06/2020
Summary

PT Vale Indonesia Tbk and PT Indonesia Asahan Aluminium (Inalum) agreed to extend the signing date of the 20-percent share divestment agreement until the end of June 2020. The INCO-coded company's shareholders, Vale Canada Limited dan Sumitomo Metal Mining Co Ltd, had approved it.

In a written statement on Friday (5/29), Vale Chief Financial Officer Bernardus Irmanto said the Covid-19 pandemic had presented challenges that led to the delay in signing the definitive divestment agreement of INCO shares to Inalum.

However, Bernardus asserted that all parties would remain committed to signing the definitive agreement. The extension of the signing date gives both parties more time to conclude the agreement documentation. "Except for the extension date for the signing of the definitive agreement, the terms and conditions in the Head of Agreements remain in full force," he said.

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