Indocement shareholders approve refinance plan

Indocement shareholders approve refinance plan
Published: 07 March 2005

The shareholders of the  country’s second largest cement maker PT Indocement Tunggal  Prakarsa (INTP) approved plan by its management to seek to  refinance its debt. The shareholders in a meeting on Wednesday approved a plan  to sell part of the debt of the publicly listed company to  HeidelbergCement Finance BV, Corporate Secretary of INTP, Ria  Sjahroni said. The management of the company proposed to refinance a debt  of Rp150 million, which was a loan from Heidlberg Cement  Finance B.V., a subsidiary of its majority shareholder  HeidelbergCement of Germany. INTP has a total debt of US$496m.