Gresik to complete audit in August<\/p>\n
JAKARTA: PT Semen Gresik, Indonesia's largest cement maker,
\nexpects to complete an audit of PT Semen Padang, one of the
\ncompany's three bases of operations, before a meeting with
\nshareholders in August.<\/p>\n
The audit by the local partner of Deloitte & Touche is
\nalready in progress, the company said in its 2002 annual report
\nreleased in Jakarta today.<\/p>\n
The audit comes after last month's removal of the unit's
\nmanagement which had declined access for a thorough audit and
\nthwarted a bid two years ago by Mexico's Cemex SA to take over
\ncontrol at Gresik. Cemex owns one-quarter of the Indonesian
\ncompany.<\/p>\n
Trading in the company's stock resumed today after being
\nhalted by the exchange for over a month after it submitted an
\nincomplete 2002 report because accounts from Semen Padang weren't
\nincluded.<\/p>\n
Gresik reported a 15 percent decline in 2002 profit to Rp 269
\nbillion (US$33 million) because of rising costs, while sales
\ngrew 11 percent to Rp 5.2 trillion. -- Bloomberg<\/p>",
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