Indian company Nava Bharat is planning to purchase shares in PT Semen Kupang (Persero) from PT Bank Mandiri to help East Nusa Tenggara's only cement factory resume production.
The Indian company will acquire a total Rp 50 billion in shares or 38 percent of the total share in the state-owned company.
PT Semen Kupang's operations were suspended April 22, 2008 after the company failed to pay its Rp 25 billion debt to PT Sewatama Jakarta, the company's electricity supplier.
"In the middle of our difficulties, there is a foreign company willing to purchase shares from PT Bank Mandiri to allow us to continue operating," said Marshal Godlief, PT Semen Kupang's general and finance director, on Wednesday as quoted by Antara news agency.
The plan is currently being discussed between PT Semen Kupang's management and four high-rank PT Bank Mandiri officials in Kupang, said Godlief.
"Soon after we come to an agreement, Nava Bharat will execute its plan," said Godlief, adding the Indian company had previously negotiated with PT Bank Mandiri's management in Jakarta.
The central government holds 61.48 percent of PT Semen Kupang shares or Rp 82.213 billion. The provincial government company PD Flobamora holds 1.12 percent or Rp 1.5 billion.
Godlief said Nava Bharat had planned to build another factory with a production capacity of 1 billion tons a year to add to the current 300,000-ton capacity.
He said the Indian company had surveyed several Indonesian cement companies, preferring PT Semen Kupang due to the quality of raw materials on the island.
Furthermore, a Portuguese company based in the United Kingdom is negotiating a possible operation cooperation with PT Semen Kupang, said Godlief.
The government has planned to privatize PT Semen Kupang in order to improve its performance. The plan has not yet been implemented by the State Ministry for State Enterprises. (**)
| 
|
|
|
|
|
|
|