Indonesia hopes Cemex will settle

Indonesia hopes Cemex will settle
22 November 2004

The Indonesian government still expects that Mexican  cement maker Cemex SA will agree to settle the dispute over the purchase of  majority stake in PT Semen Gresik out of court, Bisnis Indonesia reported  citing an official. "Hopefully, there will be no arbitration. We will work  this out quickly. There have been some alternatives proposed by them  (Cemex)," Bisnis quoted Coordinating Minister of Economic Affairs Aburizal  Bakrie as saying. The report said Bakrie met Cemex officials on the  sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in Santiago, Chile. No further details were given. The report said President Susilo
Bambang Yudhoyono, who led the Indonesian delegation to the APEC forum, was  originally scheduled to meet Cemex CEO Lorenzo Zambrano but had to cancel  the meeting as the latter was still mourning the death of one his relatives.

The prolonged uncertainty  surrounding the sale prompted Cemex to file an arbitration petition against  the government at the International Center for Settlement of Investment   Disputes in Washington last year. Former State Enterprises Minister   Laksamana Sukardi has said that Cemex has been offered another option to sell back its 25.5 pct stake to the government.

Published under Cement News