Holcim Participations (Mauritius) Limited had transferred its whole ownership on PT Semen Cibinong Tbk (SMCB) as much as 77.3 per cent to Holderfin BV, the owner of 100 per cent shares of Holcimin Participation. The President Director of Semen Cibinong, Timothy Mackay, in his report to the Jakarta Stock Exchange in Jakarta yesterday, said that the transfer of such ownership would not change the controlling shareholder of the company. "Before the transfer of the shares, Holderfin BV had become 100 per cent shares of Holcim Participation so that the company had directly controlled the shares of Semen Cibinong," he said. The company transferred the total of 5.93 billion shares on December 2004 with the total value of IDR2.47 trillion or US$265.48 million. Timothy said that the company conducted such transaction for the sake of internal restructuring. Before the transfer of the shares, the shareholders of Semen Cibinong were Holcim Participations (77.33) and the public (22.67 per cent).
Some previous reports said that Semen Cibinong was considering of changing the name of the company to PT Holcim Indonesia. There had been a team to change the name of the company, and the team had submitted its plan to the Capital Market Supervisory Board. Jannus Hutapea, Corporate and Legal Director of Semen Cibinong confirmed that the company planned to change the name of the company.
"Semen Cibinong is on the plan to change its name to PT Holcim (Indonesia) Tbk. It is the consequences of the majority ownership of Holcim as much as 77%," he said. On September last year Jannus said that the cement company had not decided to buyback US$502 million debt of the company even though the creditors had given green light to the company to reduce its debt exposure, especially the ones in foreign currency. (Abstracted report from Bisnis, Jakarta)