Semen Gresik selects three acquisition advisors, Indonesia

Semen Gresik selects three acquisition advisors, Indonesia
Published: 20 January 2009

Credit Suisse, JP Morgan Securities, and Merrill Lynch are in line to be selected as advisors for PT Semen Gresik Tbk (SG) in its acquisition plans of Malaysian and Thai cement firms.

Vice president Director of SG Heru S Adhiningrat said the company is seriously looking to acquiring cement firms in a bid to boost production volume in the near future.

"We will appoint advisor this month. They help us study the acquisition plan of cement companies in Southeast Asia which is near to Indonesia so as to be more effective and has utility principles," he said to Bisnis yesterday.

In such a crisis condition, the company will call on inputs from advisor on the value of the would-be acquired cement firms.

Bisnis resource said SG is selecting Credit Suisse, JP Morgan, and Merrill Lynch.

Heru conceded the scheme. "WE will seek inputs from the advisor on the possibility of Semen Gresik finance position currently. We also asked for the size of the companies of the would-be acquired company," he said.

SG has IDR3.3trn  internal cash including short term investment. The outstanding debt is worth IDR73bn.