Vale appoints Sukhyar as commissioner
Tuesday, March 28 2017 - 02:05 AM WIB
Petromindo|Boim
IDX-listed integrated nickel mining firm PT Vale Indonesia Tbk appointed on Monday R. Sukhyar, a former director general of mineral and coal of the Ministry of Energy and Mineral Resources, as the new independent commissioner of the company.
Vale said in a statement issued following annual shareholders meeting that Sukhyar replaces Idrus Paturusi, who has entered pension age.
The shareholders also ratified the resignation of Stuart Alan Harshaw as company commissioner, and approved the appointment of Mike Baril to replace the former.
Meanwhile, PT Vale Finance Director Febriany Eddy told reporters following the meeting that company will not distribute dividend for the 2016 financial year due a drop in net profit and because the company needs to retain the earnings to help finance expansion projects.
The company saw its net profit last year dropped to US$1.9 million from $50.5 million due to falling nickel price.
Editing by Reiner Simanjuntak