Reshuffle at Semen Gresik<\/p>\n
A new board of executives has taken over state-owned cement maker
\nPT Semen Gresik less then three months after laborers there
\nfoiled attempts to sell the company to Mexico's Cemex SA de CV.<\/p>\n
Semen Gresik's extraordinary shareholders meeting installed on
\nTuesday a new board of directors and commissioners.<\/p>\n
Taking over as Semen Gresik's new president is its former
\nfinance director Satriyo.<\/p>\n
Cemex, which already owns a 25 percent stake in Semen Gresik,
\nmaintains its position with the reappointment of Francisco
\nNoriega as vice president. Noriega is president of PT Cemex
\nIndonesia.<\/p>\n
The reshuffle comes amid continued laborers protests against
\nplans to sell the company to Cemex.<\/p>\n
Last year, laborers turned sour a deal to sell a 51 percent
\nstake in Semen Gresik, costing the government US$525 million.<\/p>\n
Cemex has been eyeing the sale since 1998, and dropping it
\nwould deepen foreign investor distrust in the country.<\/p>\n
But, deputy for privatization at the Ministry of State
\nEnterprises Mahmuddin Yasin denied the reshuffle was linked to
\nSemen Gresik's privatization program.<\/p>\n
So far, Satriyo declined to comment whether he would support
\nthe government's plan to privatize Semen Gresik.<\/p>\n
The government named Hatanto Reksodipoetro as the company's
\nnew chief commissioner replacing Setiadi Dirgo.<\/p>\n
Moving in as the new finance director is Cholil Hasan, who
\nbefore led the coordinating management team of Bank Internasional
\nIndonesia. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/reshuffle-at-semen-gresik-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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