The Swiss Holderbank company - one of the world's leading suppliers of cement - has said it plans to acquire a controlling interest in a key cement producer in Indonesia.This content was published on June 22, 2000 - 14:25
In a communiqué from its headquarters in Glarus, Holderbank said the agreement was subject to certain conditions, including the restructuring of the SFr2 billion debt owed by the company concerned, Cibinong. It added that negotiations with representatives of Cibinong's main creditors are scheduled to begin shortly.
Holderbank said the deal also depended on receiving government approval and compliance with applicable laws.
Cibinong, which is listed on the Jakarta stock exchange, operates two modern cement facilities, one at Naragong near Jakarta in West Java and the other at Cilacap on the south coast of Central Java.
Earlier this week, Holderbank said it wanted to invest more than SFr6 billion to expand in Portugal. However there has been strong opposition to the plan.
swissinfo with agencies
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