Gresik still interested in acquiring Semen Baturaja, Indonesia

Gresik still interested in acquiring Semen Baturaja, Indonesia
Published: 29 March 2010

PT Semen Gresik Tbk is still interested in PT Semen Baturaja and is continuing feasibility and corporate action studies after the cancellation of the acquisition scheme of PT Semen Padang.

President Director of Semen Gresik Dwi Soetjipto said both cement producers were once on the acquisition studies but the company officially called off the acquisition was Semen Padang.

"We have long studied Semen Kupang and if not mistaken the Asset Management Company (PPA) has made tender, but with the current corporate position, we prefer not to enter Semen Kupang," he said to press yesterday.

However, the feasibility study dealing with the acquisition of Semen Baturaja is is still in the process. The company is awaiting the next government policy noting that the cement firm is part of the state firm privatisation program.

Finance director of Semen Gresik Cholil Hasan added the cancellation of Semen Kupang acquisition is due to the weak operational of the cement firm and the massive debt which affected the corporate finance.