The government has ordered PT Semen Gresik Tbk (SG) to postpone the extraordinary general meeting of shareholders (EGM) from the initial schedule of July 28 to wait for the conclusion of 24.9% shares transaction.
In the meantime the government has rejected the proposal of Rajawali Group that the decision making process should be based on the full vote of two commissioners representing the government and one commissioner of Rajawali Group.
An executive involving in the transaction said that the EGM will not be effective it will be attended by the old shareholders of the company.
"The EGM may be postponed to wait for the closing of the shares’ transaction," said the source yesterday.
He said that the EGM will be effective if Rajawali Group, the new shareholders, attends the meeting as it will discuss, among others, the plan to develop new cement facility.
The EGM of July 28 has been publicized in the media.
"To finance the new facility development, we have not decided yet on whether it will be from rights issue or from loan. We have let the management to decide which one is benefiting for the company," he said.