Semen Gresik to acquire majority share in Vietnamese cement producer
Local media have reported that Indonesian cement producer, Semen Gresik, is to acquire a Vietnamese cement manufacturer as part of its South East Asian expansion plans. Semen Gresik is set to take over Hanoi General Export-Import Joint Stock Company’s (Geleximco) share in Thang Long Cement. A conditional sale-purchase agreement has been signed by the two firms, although the sale price of the majority stake is yet to be disclosed.
Thang Long has a cement grinding facility in Ho Chi Minh City, as well as a 2.3 million tpa cement production capacity in Quang Ninh province. The company has licenses to construct two new cement plants, which will increase its capacity to 6.5 million t. Following the acquisition, these are to be set up by Semen Gresik and Geleximco as a joint venture and subsidiary of Thang Long.
Edited from various sources by Louise Fordham.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/16112012/cement_semen_gresik_indonesia_vietnam_expansion_746/
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