Jun 27, 2011

Semen Tonasa BoD change delayed

The plan to replace all directors at PT Semen Tonasa, South Sulawesi-based cement producer which is also a wholly owned subsidiary of PT Semen Gresik Tbk (SMGR), has secondly failed after extraordinary general meeting (EGM) scheduled on Thursday last week was dropped.  
Two weeks ago, a source close to the matter said, Semen Tonasa's EGM was also ceased due to political intervention from local government at South Sulawesi which is also backed up by stellar businessman and politician.        
Semen Tonasa's current board of director was affirmed in 2005 consisting of President Director Sattar Taba, Director Subagio, Yonathan Dollo Sanda, Erizal Bakar, and Gatot Kustyadi. 
"They all have put their positions and let the shareholder, Semen Gresik and the Ministry of State-Owned Enterprises hold fit and proper tests to pick professionals. Don't let political intervention ruin the regulation," the source said.
Semen Gresik Presiden Director Dwi Sutjipto said he confirmed that there are several interest from other parties to block the BoD replacement in Semen Tonasa.
"Many inspirations from several parties should be considered. This makes the replacement requires more time," Dwi said.
In 2011, Semen Gresik Group is expected to have 20.2 million tons of installed capacity, counting 37.41% of the national cement output of 54 million tons.
The cement production capacity of Semen Tonasa will be 4.1 million tons this year, reflecting 20.29% of Semen Gresik Group's total capacity.         

Disclosure: No position at the stock mentioned above.  

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