Andalas looks for Padang stake
PT Andalas Tuah Sakato (ATS) (no relation to Lafarge Andalas) hopes the government would let the company to acquire 25.53 per cent shares of Semen Padang that was allocated for Cemex SA. The Commissioner of the provincial company Barsil Thaher said that the people of West Sumatra want ATS to control the cement producing company. At the present time Semen Padang is the unit of Semen Gresik. Basril added that ATS has been ready with the money, and will be able to pay the higher price than that offered by Rajawali. He added that he had met the Minister of State Owned Enterprises (SOE) Sugiharto on April 6 to discuss the plan.
ATS has submitted the proposal that it has been ready with IDR4 trillion to acquire Semen Padang. The company reportedly got the fund from Pan-Asia Presidio Capital Advisors Pte Ltd, a Singapore based investment bank.
In the meantime if Cemex agrees to sell 24.9 per cent stake of Semen Gresik to Rajawali Group, the company should let Semen Padang to be separated from Semen Gresik, Andalas says. Published under Cement News
