A director of PT Semen Gresik Tbk has filed his resignation plan to the company’s board and the company plans to arrange extraordinary general meeting of shareholders on December 10 2007. Semen Gresik President Commissioner Rizal Ramli refuted that the company’s president director Dwi Sutjipto has resigned. He said it is other director who has resigned but he declined to mention the name.
"He has sent resignation letter to commissioner. It’s a secret. Please ask Pak Sofyan on that. We will find optimum solution on this. The performance of all directors has been sound but we want the better."
Bisnis Indonesia source said that the production director Chabin Bahari has resigned. "He will be replaced by the production manager of Tuban."
He was in the middle of a meeting when Bisnis Indonesia called him yesterday. "I am talking with a guess, please call later." But he did not pick the phone when Bisnis Indonesia recalled him. He also did not respond to the SMS from Bisnis Indonesia on this.
The SOE Minister Sofyan Djalil admitted that a director has resigned but he declined to comment on this further. "Let’s wait and see. Semen Gresik is a publicly listed company so that we will announce it if there is a change."
In a filing to Indonesia Stock Exchange last week the company said it will arrange EGMS on December 10 to get approval on new facility development, the development of power plant, the collateralization of the company’s assets, and the replacement of director and commissioner.
Rizal added the company’s performance has been much better than that in the past. The valuation in the past also has been discounted.
Today the valuation has been high so that it has become one of seven biggest state owned companies.
The data of Bloomberg mention that the company’s price to earnings ratio (PER) was 26.5:1 last week compared with the PER of Indocement as much as 38:1 and of Holcim Indonesia as much as 62:1.
The research of PT Danareksa Sekuritas on November 14 that the company will invest US$1.24 billion on new cement plants and five unit of power plants. The company is seeking the debt to equity ratio of 7:3. As of last September the equity was IDR6.1 trillion and the debt was IDR220 billion while the cash was IDR2.24 trillion or US$250 million.
The company needs an equity of US$372 million to execute this year’s plan, especially as it has had the cash of US$250 million and the cash of US$70 million from the fourth quarter of the year. Danareksa has predicted the company will be able to meet the target of the capital structure in the first quarter of 2008. (Bisnis/pul/wiw)