Govt decides to buy Cemex shares in PT Semen Gresik

Jakarta (ANTARA News) - The government has decided to take over the 25.52-percent stake of Cemex SA in PT Semen Gresik Tbk through a consortium of state-owned companies, State Enterpries Minister Sugiharto said here on Friday.

''The government has already sent a letter to Cemex which is expected to be received on Monday,'' he said.

Sugiharto said the decision was taken after considering regional aspirations and those of the state-owned company concerned (PT Semen Gresik).

''The takeover through state-owned companies is possible because based on Law Number 19 of 2003 on state-owned companies the state minister for state firms in his capacity in corporations can exercise his right,'' he said.

State-owned companies reported earlier to join the takeover include PT Jamsostek, PT Taspen and state-owned companies that have large pension funds.

Rajawali Group was reported earlier to have agreed to buy Cemex shares for US$337 million or US$2.28 per share.

Although Rajawali had already signed a conditional sale and purchase agreement with Cemex, the final transaction still had yet to be approved by the government.

Besides Rajawali, the West Sumatra provincial administration through its regional state-owned company had also expressed readiness to buy the Cemex shares.(*)