Vale Indonesia to Hand Over Control of Bahodopi Smelter to Taixin


PT Bahodopi Nickel Smelting Indonesia (BNSI), a joint venture company between PT Vale Indonesia Tbk (INCO) with Tisco and Xin Hai, announced plans to hand over control of the company. INCO's shareholding in BNSI reaches 51 percent, while Tisco and Xin Hai own 49 percent.

The company's intention to raise the authorized capital, including both Series A and Series B shares, was communicated by BNSI in the announcement on March 10.

Taixin (Singapore) Pte Ltd will take up the new shares. In an official statement, BNSI management stated that Taixin (Singapore) Pte Ltd would fully acquire a number of the new shares. This would lead to a shift in the company's controller (acquisition).

Taixin will also absorb new Series B shares from BNSI. "After the takeover, 51 percent of all shares with voting rights issued and fully paid-in will be owned by Taixin [Singapore]," BNSI management said.

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