Indonesia’s anti-monopoly commission on Wednesday found cement firms in Southeast Asia’s biggest economy innocent of price fixing.
"The commission’s panel did not find enough reason to say there is a cartel," the commission said in a ruling after an investigation into an alleged price fixing ring involving eight firms. However, the commission recommended the government disband Indonesia’s cement association to take over its role, because it said the association was responsible for exchanging data on industry production and prices between firms.
Indonesia’s biggest cement firms include PT Semen Gresik, PT Indocement Tunggal Prakarsa Tbk and PT Holcim Indonesia and Semen Andalas, which is part-owned by France’s Lafarge.
Indonesia’s cement consumption rose about 12 per cent in the first half of 2010 versus the same period last year, and investors have favoured consumer-related stocks in a rally that took the stock market to a record high last month.