Rajawali is credible investor says Minister

Rajawali is credible investor says Minister
Published: 20 June 2006

The Ministry of State Owned Enterprises finally concluded that Rajawali Corporation is a credible investor to acquire 24.9 per cent interest of PT Semen Gresik from Cemex. In the meantime Cemex said that the arbitrage process will be automatically terminated if the divestment process of 24.9 per cent shares of PT Semen Gresik has been concluded. 
 
The SOE Minister Sugiharto said that Cemex would like to terminate the arbitrage claim if the transaction of 24.9 per cent stake of Semen Gresik with Rajawali Group has been concluded.  
 
"Cemex has said that it will be terminated. We have asked the company to settle the problem out of court, and finally the company is ready to terminate the arbitrage claim. It is a significant development," he said on the sideline of a meeting with a parliamentary commission yesterday.  
 
He also added that the ministry has got the letter from the governor of West Sumatra, saying that the provincial government agreed the selling of Semen Gresik’s interests to Rajawali Group. (Bisnis)