Semen Gresik Seeks Shareholders’ Approval on Bonds

Semen Gresik Seeks Shareholders’ Approval on Bonds
Published: 19 July 2007

PT Semen Gresik Tbk has planned to arrange extraordinary general meeting of shareholders (EGMS) at the end of September to ask for approval to issue some bonds.  
Semen Gresik plans to issue US$200m-300m bonds to meet the need on capital expenditure to develop new cement facility.  
The Vice President Commissioner of Semen Gresik Darjoto Setyawan said that the EGMS also would talk about the corporate restructuring plan.  
"The EGMS will talk about several issues including on financing scheme of new facility development. It seems we will ask for permission to issue bonds," he said yesterday.  
He said that the SOE Ministry has approved the plan to develop new cement facility, to restructure the company and to provide financing scheme for expansion. 
"We follow the capital market rule on transparency on expansion plan."  
Semen Gresik plans to seek US$926.1 million or 65%-70% of the total capital expenditure of IDR1.32 billion to develop two facilities, to develop power plant, and to improve information technology until 2011.