Gresik eyes Malaysian deal

Gresik eyes Malaysian deal
Published: 04 May 2010

Indonesia’s biggest cement producer, PT Semen Gresik, said on Tuesday that it is in talks to acquire a Malaysia cement maker this year and has set aside more than IDR3.5trn (US$388m) for the deal.
Semen Gresik declined to name its acquisition target, but two sources involved in the deal said it is in talks with Cement Industries of Malaysia Bhd (CIMA), a unit of Malaysia’s UEM Group, which has an 18 percent market share in Malaysia.
"We want to be a regional player and plan to acquire a Malaysian cement producer with a capacity of about 2-3Mta," said Dwi Soetjipto, Semen Gresik’s president director who declined to name the acquisition target.
"It depends on the willingness and pricing of the company that we are targeting as we want a controlling stake in order to create synergy with our group," Soetjipto told Reuters in an interview.
Source: Reuters