Indonesia seeks investors for Gresik

Indonesia seeks investors for Gresik
Published: 05 January 2004

The Indonesian government has been approaching potential investors from Japan and South Korea to purchase Cemex Asia Holding's 25.5 per cent stake in the country's largest cement maker PT Semen Gresik, amid expectations that Cemex will sell its stake in the Indonesian firm. Investors from Japan and South Korea better understand the culture, politics, regulations and social condition in Indonesia," local newspapers quoted a source as saying.  State Enterprises Minister Laksamana Sukardi had said that the government can mediate in the sale after it turned down Cemex's offer to repurchase the 25.5 per cent stake in Semen Gresik. The news source also quoted Deputy State Enterprises Minister Roes Aryawijaya as saying that the government has appointed a foreign arbitrator and legal advisor to represent the government in international arbitration but would not give the names.