Govt sells Indocement stake<\/p>\n
JAKARTA: Indonesia's government said Friday it will sell a
\nfurther 11 percent stake in PT Indocement Tunggal Prakarsa to
\nGermany's Heidelberger Zement AG by the end of this year rather
\nthan in 2003 as earlier planned.<\/p>\n
Heidelberger currently holds 62 percent of Indonesia's second
\nlargest cement producer.<\/p>\n
The government is currently selling stakes in companies in a
\nbid to raise Rp 6.5 trillion (about US$745 million) this year to
\nhelp reduce the country's huge budget deficit.<\/p>\n
A number of its large-scale privatization efforts - including
\nplans to hand majority control of state-owned PT Semen Gresik to
\nMexico's Cemex SA - have stalled due to protests from
\nnationalistic Indonesian lawmakers over selling assets to
\nforeigners.<\/p>\n
Indonesia's once-powerful Salim Group founded Indocement but
\nwas forced to hand control of the company to the government after
\nits business empire collapsed in the 1997 Asian crisis. The
\ngovernment sold control of the company to Heidelberger in late
\n2000. -- Dow Jones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-sells-indocement-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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