Rajawali failed to close the deal, one week extension needed!
Rajawali Corporation failed to close the US$330 million deal to acquire 24.9% shares of PT Semen Gresik Tbk from Cemex SA this afternoon as no formal approval given by government.
"We've asked one week extension to Cemex SA. We hope we could get government approval next week," said Darjoto, managing director of Rajawali Corporation few hours ago.
The closing deadline for the deal was supposedly this afternoon, but Rajawali didn't get letter of approval from Ministry of State-Owned Enterprises (MSOE), the majority owner of Semen Gresik.
Actually, Rajawali could close the deal without formal government approval (MSOE Sugiharto had given verbal approval this week), but that would put the company in an ackward situation. On the other hand, without formal letter from government, Cemex will unlikely to drop the arbitrary suit against government.
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"We've asked one week extension to Cemex SA. We hope we could get government approval next week," said Darjoto, managing director of Rajawali Corporation few hours ago.
The closing deadline for the deal was supposedly this afternoon, but Rajawali didn't get letter of approval from Ministry of State-Owned Enterprises (MSOE), the majority owner of Semen Gresik.
Actually, Rajawali could close the deal without formal government approval (MSOE Sugiharto had given verbal approval this week), but that would put the company in an ackward situation. On the other hand, without formal letter from government, Cemex will unlikely to drop the arbitrary suit against government.
Labels: Rajawali Corp, Sugiharto
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posted by yosef at 8:43 PM
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