Cemex still wants to do business in Indonesia

Cemex still wants to do business in Indonesia
Published: 16 March 2005

PT Cemex Indonesia, which has threatened to turn to arbitration court against the government over Semen Gresik dispute, said it still wants to do business in Indonesia.  Chief Commissioner of the subsidiary of the Mexican giant Cemex SA Francisco Noriega said the country’s economy is growing, therefore new investment in the cement industry will be needed. 

Earlier Cemex offered the government two options to settle the dispute - by the government allowing it to have a 51 per cent stake in Semen Gresik or by buying its entire assets in the state-owned cement maker.  Cemex already has 25.5 per cent of Semen Gresik and under a 1998 agreement it is allowed to have up to 51 per cent stake in Semen Gresik.  The government has cited a number of options to settle the dispute out of court.