Semen Gresik says it won't be able to meet JSX deadline<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Publicly listed cement maker PT Semen Gresik said on Monday that
\nit would not be able to meet the deadline in submitting the
\naudited 2003 financial report, putting the company's shares at
\nrisk of being suspended from trading on the Jakarta Stock
\nExchange.<\/p>\n
\"It is difficult for us to meet the deadline and avoid
\nsuspension ... as of now we haven't completed the financial
\nreport yet,\" Gresik president Satriyo said.<\/p>\n
He did not provide an explanation for the delay. However, for
\nthe last couple of years Gresik has been facing difficulties with
\nits rebellious subsidiary, PT Semen Padang, in West Sumatra,
\nwhich has been opposing the government's privatization program.<\/p>\n
The government owns a 51 percent stake in Gresik, while
\nMexico's Cemex SA de CV (CX) has a 25.53 percent stake.<\/p>\n
The JSX has given Gresik and 13 other listed firms, including
\nstate-owned telecommunications firm PT Telkom, until May 28 to
\nsubmit the audited 2003 financial reports or face the threat of
\nshare suspension.<\/p>\n
Gresik, which appointed PricewaterhouseCoopers late last year
\nto carry out the audit work, has said it hopes to complete the
\naudited version of the financial report in June.<\/p>\n
Meanwhile, JSX listing director Harry Wiguna told The Jakarta
\nPost that the bourse had yet to decide on whether or not to
\nsuspend Gresik shares.<\/p>\n
He said that if the country's largest cement maker was able to
\nprovide a reasonable explanation for the delay, its shares would
\nnot be suspended from trading.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/semen-gresik-says-it-wont-be-able-to-meet-jsx-deadline-1447893297",
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"sponsor": "Okusi Associates",
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