The Rajawali Group, which has a 24.9 per cent stake in PT Semen Gresik has recommended the country’s largest cement maker expand operation abroad by acquiring one or two cement producers in Southeast Asia.
We want to see Semen Gresik to grow to become one of the largest regional players in the cement business, Rajawali managing director Peter Chambers said.
Expansion should be made through acquisition instead of by building new factories, Chambers said.
Semen Gresik which is 50.1 per cent owned by the government has said it planned to build a number of new factories to increase its capacity.
Chambers said Rajawali wants to have controlling stake in the companies to be acquired.
Vice President of Semen Gresik Heru D. Adhiningrat said the proposal deserve consideration although the corporation needs more capacity expansion not acquisition as its factories have all run at full capacity.
Chambers denied a recent report that his company wanted to sell its stake in Semen Gresik.