Govt undecided over SG saga

Govt undecided over SG saga
Published: 19 August 2004

The Indonesian government has not yet decided if it would buy back shares in publicly listed cement producer PT Semen Gresik (SG) from Mexico-based cement giant Cemex SA to resolve a protracted dispute over Cemex’s investment in the state-owned company (reports The Jakarta Post).

Coordinating Minister for the Economy Dorodjatun Kuntjoro-Jakti said a proposal by some ministers and the Gresik management for the government to reclaim its shares from Cemex had yet to be discussed or decided. "Up to this point, we haven’t discussed nor decided any out-of-court settlement options, including a decision to reclaim our shares from Cemex," Dorodjatun announced on Wednesday.

Spokesman for the Office of the Coordinating Minister for the Economy Mahendra Siregar said other ministers could propose such an option, but any decision should be approved by the privatization committee for state enterprises, which is headed by Dorodjatun.  "The committee hasn’t decided on any settlement options. Other people should not claim that it has come out with a definite resolution for the case," said Mahendra.