Semen Gresik seeks US$300m loan

Semen Gresik seeks US$300m loan
Published: 25 February 2009

PT Semen Gresik Tbk seeks US$300m loans to finance the acquisition of cement manufacturer from Malaysia and Philippines.

An executive knowing the plan said the Credit Suisse as the financial advisor of Semen Gresik in the acquisition predicted the state owned cement company here could acquire a cement firm worth US$150-250m.

"The maximum is up to US$300m and it is still possible," he said to Bisnis yesterday.

Credit Suisse recommended two cement companies of the Philippines and Malaysia, the Cement Industries of Malaysia Berhad (CIMA).

Semen Gresik plans to acquire the Asian cement firms in its bid to boost up the production capacities. "The company must not necessarily to become the major shareholder of the acquired companies here," he said.