Cemex rejects government's proposal
Cemex Asia Holdings has decided to reject Indonesia government's proposal for an extension period of 60 days to exercise its first right of refusal or to acquire the cement giant's 25.5% shares in PT Semen Gresik Tbk.
"Cemex rejected the 60 days extension. So, Indonesia government should exercise its right to acquire Cemex shares in the time frame available, 30 days since Cemex sent the notification letter. Somehow, Indonesia government should learn something out of this saga," said people familiar with the issue.
Bisnis Indonesia reported on Saturday that SOE Minister Sugiharto had sent a letter to Cemex demanding an extension of 60 days to exercise the acquisition. Sugiharto claimed a consortium of state-owned enterprises would act on behalf of government to acquire the shares, just two weeks after Cemex signed a conditional sales and purchase agreement with Rajawali Corporation, a company led by tycoon Peter Sondakh. Rajawali agreed to pay US$337 million for Cemex's 24.9% shares of Semen Gresik.
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"Cemex rejected the 60 days extension. So, Indonesia government should exercise its right to acquire Cemex shares in the time frame available, 30 days since Cemex sent the notification letter. Somehow, Indonesia government should learn something out of this saga," said people familiar with the issue.
Bisnis Indonesia reported on Saturday that SOE Minister Sugiharto had sent a letter to Cemex demanding an extension of 60 days to exercise the acquisition. Sugiharto claimed a consortium of state-owned enterprises would act on behalf of government to acquire the shares, just two weeks after Cemex signed a conditional sales and purchase agreement with Rajawali Corporation, a company led by tycoon Peter Sondakh. Rajawali agreed to pay US$337 million for Cemex's 24.9% shares of Semen Gresik.
Labels: CEMENT, Rajawali Corp, Sondakh, Sugiharto
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posted by yosef at 10:13 PM
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