Semen Gresik seals Vietnam deal

Semen Gresik seals Vietnam deal

Indonesia’s leading cement producer PT Semen Gresik has signed deal worth US$157m with Hanoi General Export-Import JSC (Geleximco) on 18 December to acquire 70 per cent stake in Thang Long Cement JSC.

Under the agreement, first reported in mid-November, Semen Gresik will become a strategic shareholder of Thang Long Cement JSC, a joint venture between the state-run Vietnam Machinery Installation Group (Lilama) and Geleximco, local press reported on Wednesday.

Thang Long Cement has a cement capacity of 2.3Mta and is situated in Hoang Bo District in the northern province of Quang Ninh.

The construction of the Thang Long cement plant No 2 and another plant in the southern province of Binh Phuoc, will lift the firm’s output by 6.3Mta by 2016, according to Geleximco’s chairman and CEO Vu Van Tiem.