Gresik to spend more for investment projects

Gresik to spend more for investment projects
Published: 14 July 2008

State-owned cement maker PT Semen Gresik said it may spend 15 per cent-20 per cent more than US$1.22bn it previously estimated to finance its investment in the next five years.
 
The investment including for two new cement factories is estimated to rise to up to US$1.46bn with the increase in the steel price in the world market, company President Dwi Soetjipto said.
 
Semen Gresik plans to build a new cement factory in Makassar, South Sulawesi and another in a small town in Central Java to cost US$670m based on original estimate, the newspaper Bisnis Indonesia said.
 
Sales by the country’s largest cement producer were estimated to reach 8.1Mt, up 15 per cent from the same period last year with net profit estimated to rise by at least 30 per cent to Rp910bn (US$100m).