Cemex to drop arbitrary
Cemex SA has agreed to drop the arbitrary suit against Indonesia government as part of the deal to sell its 25.5% shares in PT Semen Gresik Tbk to Rajawali Corporation.
People close to the deal said Cemex will submit the agreement letter to Indonesia government this week to pave the way for a closing of US$335 million deal with Rajawali.
"Almost 95% of legal process has been completed. Only one or two items left to be settled immediately. We hope by the end of this week we could close the deal," he said.
The deal has been dragged for few weeks on some critical issues, including the arbitrary suit filed by Cemex SA to ICSID in early 2004 on dispute over further divestment of PT Semen Gresik Tbk, the largest cement producer in Indonesia.
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People close to the deal said Cemex will submit the agreement letter to Indonesia government this week to pave the way for a closing of US$335 million deal with Rajawali.
"Almost 95% of legal process has been completed. Only one or two items left to be settled immediately. We hope by the end of this week we could close the deal," he said.
The deal has been dragged for few weeks on some critical issues, including the arbitrary suit filed by Cemex SA to ICSID in early 2004 on dispute over further divestment of PT Semen Gresik Tbk, the largest cement producer in Indonesia.
Labels: CEMENT, Rajawali Corp
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posted by yosef at 12:18 PM
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