Reshuffle at Semen Gresik

A new board of executives has taken over state-owned cement maker PT Semen Gresik less then three months after laborers there foiled attempts to sell the company to Mexico's Cemex SA de CV.

Semen Gresik's extraordinary shareholders meeting installed on Tuesday a new board of directors and commissioners.

Taking over as Semen Gresik's new president is its former finance director Satriyo.

Cemex, which already owns a 25 percent stake in Semen Gresik, maintains its position with the reappointment of Francisco Noriega as vice president. Noriega is president of PT Cemex Indonesia.

The reshuffle comes amid continued laborers protests against plans to sell the company to Cemex.

Last year, laborers turned sour a deal to sell a 51 percent stake in Semen Gresik, costing the government US$525 million.

Cemex has been eyeing the sale since 1998, and dropping it would deepen foreign investor distrust in the country.

But, deputy for privatization at the Ministry of State Enterprises Mahmuddin Yasin denied the reshuffle was linked to Semen Gresik's privatization program.

So far, Satriyo declined to comment whether he would support the government's plan to privatize Semen Gresik.

The government named Hatanto Reksodipoetro as the company's new chief commissioner replacing Setiadi Dirgo.

Moving in as the new finance director is Cholil Hasan, who before led the coordinating management team of Bank Internasional Indonesia. -- JP