The country’s third largest cement producer PT Holcim Indonesia said it will sell its cement retailing subsidiary PT Wahana Transtama.
PT Wahana Transtama, which is 98.9 per cent owned by Holcim, has continued to report losses because of rising operating cost, Holcim Communication Manager Monika Irawati Irsan said.
In addition the subsidiary of the Swiss cement giant Holcim Ltd wants to concentrate on it core business in cement production, Monika said.
She said Holcim management has offered PT Wahana Transtama with assets valued at around Rp18.2bn (US$2m) to its workers but the workers refused. Therefore Holcim decided to offer it to other investors.