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

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.