Indonesian cement maker PT Indocement Tunggal Prakarsa said Wednesday it has closed the purchase of a 51 per cent stake in PT Gunung Tua Mandiri for an undisclosed amount.
It said the deal allows it to expand into the aggregate quarrying business.
Gunung Tua is a newly developed aggregate quarry located in Rumpin, West Java, with reserves of 30 million tons of andesit, or crushed stone. It will start commercial production in September.
"The expansion into aggregate quarry[ing] will strengthen our position in building materials supply, especially as we anticipate the upcoming infrastructure projects planned to start soon in Indonesia," Indocement president Daniel Lavalle said.
Heidelbergcement AG owns 65.14 percent stake in Indocement.