East Java Council asks govt to retain Semen Gresik stake, Indonesia

East Java Council asks govt to retain Semen Gresik stake, Indonesia
Published: 10 December 2004

The East Java council is asking the government to retain its 51 per cent ownership in cement producer PT Semen Gresik in what is seen as a gesture of support for the anti-privatization protest by the company’s workers, Bisnis Indonesia reported.  

’PT Semen Gresik has a historic value and is a symbol of the people’s struggle,’ Bisnis quoted as saying East Java council leader Fathurrosjid.  

He said the council supports demands by Semen Gresik workers for keeping the state company under government control.  

The council’s support follows an agreement on Tuesday between legislators and State Minister for State Enterprises Sugiharto to retain the 51 pct stake in Semen Gresik and not sell it to Cemex.  

Sugiharto said last week that the government is drafting several options for an out-of-court-settlement with Cemex.