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Acquisitions, joint ventures and a change of name for PT Semen Gresik

World Cement,

To reflect its recent appointment as the holding company for state cement manufacturers, PT Semen Gresik has announced that it will be changing its name to PT Semen Indonesia.

Though the change is yet to be formalised, the comapany’s 20 December 2012 general shareholder meeting will likely see the news made official.

Semen Indonesia will serve as a holding company for PT Semen Padang and PT Semen Tonasa, while continuing to produce its own cement under the Semen Gresik brand. Likewise, PT Semen Padang and PT Semen Tonasa will go on manufacturing their products under these familiar brand names. Essentially, PT Semen Indonesia will act as a parent company to all three.

Semen Gresik has also just finalised its agreement to acquire a 70% stake in Vietnam’s Thang Long Cement Joint Stock Company from the Hanoi General Export-Import Joint Stock Company for a sum of US$157 million. As well as a plant in the Quang Ninh province and a grinding station in the Hiep Phuoc Industrial Park in Ho Chi Minh City, Thang Long also has plans in the pipeline to open new plants in the Quang Ninh and Binh Phuoc provinces. These new capacity openings are expected to contribute roughly 4.3 million tpa to the company’s total production capacity, which is expected to reach 6.5 million tpa upon their completion.

A Semen Gresik spokesman said that Thang Long Cement will be the Semen Gresik’s main focus during 2013, but after that, it will be looking to expand its interests into Myanmar, where it is already in talks with local partners to establish joint ventures in which it is majority shareholder.

Written by Jack Davidson.

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