Government may allow Cemex to increase stake in Gresik, Indonesia

Government may allow Cemex to increase stake in Gresik, Indonesia
Published: 07 December 2004

The Indonesian government is considering an option to allow Cemex to increase its stake in the country’s largest cement maker PT Semen Gresik to 49 or 51 per cent, according to local news reports, citing Coordinating Minister for Economic Affairs Aburizal Bakrie.  

’Cemex can increase its holding to 49 or 51 per cent (from the current 25 per cent). But the government is not willing to sell at the current price (of around 12,000 rupiah per share),’ the report quoted Bakrie as saying.  

The government is still trying to reach an out of court settlement to prevent Cemex from proceeding with its arbitration petition which was filed last year at the International Center for Settlement of Investment Disputes in Washington.