Holcim set to take control of Indonesian cement maker

Holcim's new logo - following the name change last week from Holderbank

The Swiss cement group, Holcim - known until last week as Holderbank - is set to boost its holding in the Indonesian cement maker, PT Semen Cibinong, which is currently undergoing restructuring.

This content was published on May 23, 2001 minutes

PT Semen Cibinong, which is Indonesia's third largest cement maker, said Holcim was likely to end up with three quarters of its shares.

"After the completion of the whole debt restructuring, Holcim may end up with 75 per cent of the company... because at the end of the restructuring, Holcim will buy all Tirtamas Majutama's remaining stake in the company," Semen Cibinong said in a statement.

Holcim is one of three international cement players aiming to acquire heavily indebted Indonesian cement giants, which suffered liquidity problems after Asia's financial crisis in 1997.

Titamas Majutama, controlled by Indonesian businessman Hashim Djojohadikusumo, is Cibinong's controlling shareholder with 43.3 per cent. Holderbank currently holds 12.5 per cent of Cibinong.

swissinfo with agencies

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Share this story

Change your password

Do you really want to delete your profile?