Semen Gresik says it won't be able to meet JSX deadline

The Jakarta Post, Jakarta

Publicly listed cement maker PT Semen Gresik said on Monday that it would not be able to meet the deadline in submitting the audited 2003 financial report, putting the company's shares at risk of being suspended from trading on the Jakarta Stock Exchange.

"It is difficult for us to meet the deadline and avoid suspension ... as of now we haven't completed the financial report yet," Gresik president Satriyo said.

He did not provide an explanation for the delay. However, for the last couple of years Gresik has been facing difficulties with its rebellious subsidiary, PT Semen Padang, in West Sumatra, which has been opposing the government's privatization program.

The government owns a 51 percent stake in Gresik, while Mexico's Cemex SA de CV (CX) has a 25.53 percent stake.

The JSX has given Gresik and 13 other listed firms, including state-owned telecommunications firm PT Telkom, until May 28 to submit the audited 2003 financial reports or face the threat of share suspension.

Gresik, which appointed PricewaterhouseCoopers late last year to carry out the audit work, has said it hopes to complete the audited version of the financial report in June.

Meanwhile, JSX listing director Harry Wiguna told The Jakarta Post that the bourse had yet to decide on whether or not to suspend Gresik shares.

He said that if the country's largest cement maker was able to provide a reasonable explanation for the delay, its shares would not be suspended from trading.