Govt yet to decide to buy back Cemex shares

Govt yet to decide to buy back Cemex shares
Published: 21 March 2006

The Indonesian government has yet to take a decision on the possibility of buying back Cemex Holding Asia Ltd shares in PT Semen Gresik following the Mexican company’s plan to sell its 25.5 percent stake in the giant cement maker.  "Until now, there is no progress on Cemex shares," State Enterprises Minister Sugiharto said here Monday.  So far, Sugiharto said, the state budget has yet to allocate funds to buy back Cemex shares. 
 
Previously, Deputy for Mining, Strategic Industry, Energy and Telecommunication (Piset) at the ministry, Roes Aryawijaya said, the government would give its response in March, to decide whether or not it would buyback Cemex shares.  "We are evaluating the possibility. We have conveyed the government’s response on the issue," Roes said. 
 
He expressed hope that plan to sell Cemex shares would not be followed with unrealistic condition for sales and purchasing agreement (CSPA), especially those regarding to veto rights.  "The authority to take decision will be adjusted with ownership percentage," Roes noted.  Sugiharto said, the government would have no problem on who will buy Cemex sares in PT Semen Gresik. 
 
"We let this problem to be handled by Cemex. There are willing buyers and willing sellers. The important thing for me is the goal, that whoever buy the shares, the voting rights will be made proportionally and fairly," Sugiharto said.  Cemex has 25.5 percent of shares in PT Semen Gresik, while the government has the lion shares of 51 percent in the cement industry.  The remaining shares hold by the public.