We’ve been following six presidents so far. All of them talked about holding company for state-owned companies. By far, only one holding company that might be considered a success: Semen Indonesia (SMGR), which is holding for three state-owned cement companies—Semen Gresik, Semen Padang, and Semen Tonasa. Two smaller state-owned cement companies are left outside the holding, including Semen Baturaja (SMBR), for reasons not entirely understood.To subscribe please click here