Cemex SA should complete the US$337m sale of a 24.9 per cent stake in Indonesia’s top cement maker to the Rajawali Group on Friday, a senior Rajawali executive said. Darjoto Setyawan, managing director of PT Rajawali Corporation, said key conditions for the sale of the stake in Semen Gresik such as the termination of arbitration between Cemex and the Indonesian government had been completed.
"Regarding the conditions of the closing such as the termination of arbitration and the Conditional Sales and Purchase Agreement of 1998, all those issues have been agreed with the government. There are no more problems," Setyawan told Reuters. Cemex officials in Indonesia could not immediately be reached for comment. An official at Indonesia’s State Enterprises Ministry confirmed the deal was set to close on Friday.