Indonesia’s Gresik ready to take stake in Baturaja

Indonesia’s Gresik ready to take stake in Baturaja
Published: 06 May 2010

President-director of Indonesian cement maker PT Semen Gresik, Dwi Sutjipto, said the company is ready to take over the shares of PT Semen Baturaja.
 
"The acquisition would build a synergy in the Semen Gresik group," Dwi Sutjipto said after a hearing with Commission VI of the House of Representatives in Jakarta Wednesday.
Sutjipto said taking over the cement plant is a strategy taken by the company to boost its production capacity.
 
"We have been making the necessary preparations for taking over the cement company," Sutjipto said.
But he did not reveal what it cost to take over the company, and said the corporate action also depends on the wishes of the shareholders.
 
Sutjipto also said that Semen Baturaja could always be developed separately.
In the meantime, president director of Semen Baturaja, Pamudji Rahardjo, said the acquisition of Semen Baturaja is still awaiting a direction from the State Enterprises Minister as a majority shareholder.