Cement maker PT Semen Cibinong said it is allocating some 10 mln usd from its internal cash flow, with an option to raise the figure to 20 mln usd, for a debt buyback program. Company director Jannus Hutapea said in a statement that the company is offering to buy back its "tranche A" shares at not more than 90 pct of its stock’s nominal price. He said that, apart from a debt haircut, the program aims to reduce the company’s forex debt exposure and dollar-denominated interest costs which have been rising. Hutapea said the buyback is to be carried out via a Dutch auction (which starts at a high price and is progressively lowered until a bid is made and the item sold) with payment to be settled on Dec 6. 
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