Gresik: hold on Baturaja deak

Gresik: hold on Baturaja deak
Published: 09 August 2010

PT Semen Gresik Tbk’s scheme to acquire PT Semen Baturaja remains unclear due to the incomplete studies of the acquisition of the state companies.

Finance director of Semen Gresik Cholil Hasan said the company has not planned to acquire Semen Baturaja in the near future despite the official statement earlier to acquire state cement company with 1.25 million tons production capacity here.

"There is no plan for Baturaja acquisition. To make it clearer, it may query the investor relation," he said briefly to Bisnis Thursday.

Besides, the company aims to acquire Cement Industries of Malaysia Berhad (CIMA) by allocating IDR3-5 trillion funds. The acquisition of cement users with 18 percent market shares in neighboring country here is likely to materialize in 2011.

Head of Investor Relation of Semen Gresik Agung Wiharto said the acquisition of Semen Baturaja has not been on schedule now as it still waits for the feasibility studies. Besides, the company should wait for the public shareholders decision.

"The study is still underway now. State Enterprise Ministry supported the acquisition of Baturaja, but we should also consider the decision made by the shareholders in the later general meeting," he added.