Semen Gresik April sales fall
Semen Gresik April sales fall
JAKARTA:Indonesia's cement maker PT Semen Gresik Thursday said its total cement sales fell 20 percent to 992,388 metric tons in April from 1.233 million tons in April last year.
Gresik, Indonesia's largest cement maker, said the fall was due to a decline in domestic sales and export volumes.
Semen Gresik's domestic cement sales in April fell 7 percent to 849,788 tons from 914,054 tons last year.
Exports declined 55 percent to 142,600 tons from 318,842 tons.
According to data from the National Cement Association, countrywide cement output in April fell 5.1 percent to 2.023 million tons from 2.131 million tons in April last year.
Semen Gresik is 51 percent owned by the government and 25.53 percent owned by Mexico's Cemex SA de CV (CX).
Tuesday, Gresik said shareholders will vote in December whether to spin off its unit Semen Padang, which contributed 36 percent to Gresik's total cement sales in April.--Dow Jones
;Agencies; ANPAf..r.. CorporateBrief-PLN-price-cuts PLN agrees price cuts JP/14/brief
PLN agrees price cuts
JAKARTA: PT Perusahaan Listrik Negara (PLN), Indonesia's state utility company, reached agreement on price cuts or buyouts with 26 independent power producers, Energy and Mineral Resources Minister Purnomo Yusgiantoro said.
"By reaching agreements with 26 producers, we are able to show the market that we can settle our dispute and that private producers can operate in this country," Purnomo told reporters after a cabinet meeting.
The utility has been trying to renegotiate power purchase agreements amounting to US$133 billion over 30 years with 27 independent producers, mostly backed by overseas investors, after the Indonesian rupiah's collapse during the Asian financial crisis in 1998 forced PLN to sell electricity to consumers at a loss. -- Bloomberg
;Agencies; ANPAf..r.. CorporateBrief-APP-export-credit APP to meet export credit agencies JP/14/brief
APP to meet export credit agencies
JAKARTA: Asia Pulp & Paper Co. will meet key creditors tomorrow to discuss their proposal for protection from a second debt default, the head of the Indonesian Bank Restructuring Agency (IBRA) said.
The meeting was delayed on Wednesday as the export credit agencies owed the bulk of the outstanding debt of more than US$13 billion hammered out details of their proposal, IBRA chief Syafruddin Temenggung told reporters on the sidelines of an investor forum.
The creditors include Japan's Nippon Export & Investment Insurance and export credit agencies from the U.S. and Germany.
Asia Pulp has been negotiating a debt recast with lenders after a default 27 months ago, the success of which is key to restoring investor confidence in Indonesia. IBRA, which is owed $1 billion, is mediating in the debt talks between the company and overseas lenders. -- Bloomberg