Holcim gains approval to take control of Indonesian cement producer
The Swiss cement producer, Holcim, has gained the approval of shareholders in Indonesia's third largest cement manufacturer, Semen Cibinong, to take majority control of the company.
After a wide-ranging restructuring process, Holcim’s stake could now increase to 74.5 per cent from its current 12.5 per cent.
The plan will involve Holcim assuming debts with a discounted value of SFr310 million ($175 million).
Holcim is one of three leading world cement companies aiming to acquire struggling Indonesian firms which fell into liquidity problems after the Asian financial crisis in 1997.
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