Siam Cement may spend US$1.1bn to acquire a cement stake in Indonesia.
Erwin Aksa, the CEO and owner of PT Semen Bosowa, said Siam Cement is eyeing a stake in his cement company, which is based in South Sulawesi.
Erwin said negotiation is in progress with Siam Cement, Erwin told the newspaper Investor Daily.
"We are ready to sell a 30 per cent stake," he said, adding "We want to keep the majority shares."
Semen Bosowa plans to build a new cement factory to cost up to US$300m in Java to meet demand expected to increase in the coming two or three years.
Currently Semen Bosowa has a production capacity of 5Mt of cement with a market share of five per cent in Indonesia.