Semen Gresik asked to review new facility development plan

Semen Gresik asked to review new facility development plan
Published: 18 September 2006

PT Rajawali Corporation, the new shareholder of PT Semen Gresik Tbk, has asked the cement producing company to review the study on the plan to develop new facility.  

The Managing Director & Chief Business Development of Rajawali Darjoto Setyawan said that due to the requirement, the extraordinary general meeting of shareholder on September 28 has only two agendas to change the statute and to change the commissioners and directors.  

"The new commissioners and directors will ask to learn the expansion plan by developing new facility," he said over the weekend.  

He said that Rajawali, controlling 24.9% shares, will ask Semen Gresik to review the financing plan of the new facility.  

But Daryoto declined to comment on the value of the investment and how to finance the plan, including the option on rights issue of bonds issuance.  

"The figure on investment is based on the study before we become the shareholder so that it should be renewed by independent party," he said.  

According to him, the study should have been concluded before the EGM and it will be discussed in the next meeting in 45 days after the EGM on September 28 2006.  

An official of SOE Ministry added that such review has indirectly harmed the expansion plan of Semen Gresik.