Gresik planning to acquire foreign cement company

Gresik planning to acquire foreign cement company
Published: 02 February 2009

PT Semen Gresik has appointed Credit Suisse as its financial advisor with regard to its foreign acquisition plan.

"We appointed Credit Suisse two weeks ago," its vice president director, Heru D Adhiningrat, said after an extraordinary general shareholders’ meeting here on Friday.

He said Credit Suisse would need a month before it could give its assessment and recommendation on which company to acquire.

"They will also seek a proper cement company for us in Southeast Asia.

Until now they have not given any name," he said.

According to rumours Semen Gresik plans to acquire Cement Industries of Malaysia Berhard (CIMA), which is a Malaysian state-owned company. "Well, yes, it is one of the companies we are still considering," he said when asked to confirm about it.

He said a careful study had to be made before the company conducted an acquisition.

"We have to see how strong our cash is. We are now still focussing on internal development. Acquisition can be done later," he said.