According to The Jakarta Globe, the Indonesian government plans to ask Semen Indonesia to acquire its 61.48% stake in Semen Kupang, a cement producer based in East Nusa Tenggara, which deals in cement exports to East Timor and Darwin, Australia, as well as serving the local market. Bank Mandiri, which has a 35.4% share in the company, has indicated that it would also sell its stake to Semen Indonesia.
The government holds a 51% stake in Semen Indonesia, formerly known as Semen Gresik. The change in name is indicative of the cement manufacturer’s role as a holding company for state cement firms PT Semen Padang and PT Semen Tonasa.
The acquisition of Semen Kupang would aid Semen Indonesia’s expansion plans. The company has a 41% market share in Indonesia, and recently invested US$157 million in purchasing a 70% stake in Vietnam’s Thang Long Cement. It has also expressed an interest in expanding its assets in Myanmar’s cement market.
Edited from various sources by Louise Fordham.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/09012013/cement_semen_gresik_indonesia_kupang_820/