Cemex hires JP Morgan to advise on Gresik sale

Cemex hires JP Morgan to advise on Gresik sale
Published: 24 March 2006

Cemex Asia Holding Ltd has named JP Morgan Securities as its financial advisor in its plan to sell its 25.53 per cent stake in state cement company PT Semen Gresik, a report said today.  JP Morgan is still seeking prospective buyers of the stake, bankers told the newspaper Bisnis Indonesia. Cemex has opted to sell the stake and plans to build a new cement factory in the country ending its long dispute with the government, observers said.  Cemex has also filed lawsuit against the government for failure to honor a put option contract, which requires the government to sell more stake if requested by Cemex.