Holcim set to take control of Indonesian cement maker

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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 - 10:31

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

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