Cemex and Rajawali close deal, Indonesia

Cemex and Rajawali close deal, Indonesia
Published: 28 July 2006

Cemex Asia Holding Ltd has handed over a 24.9 per cent stake in state cement maker PT Semen Gresik to the Rajawali Group concluding a US$337m deal.

A director of PT Rajawali Corp Darjoto Setyawan said the stake was officially handed yesterday.

The deal also put an end to long dispute between Cemex Asia and the government as the majority shareholder over failure of the government to fully comply with the contract.

Cemex had filed a complaint with an international arbitration court against the government, which refused to sell the majority stake in Semen Gresik to the Mexican cement giant according to the contract they signed.