Indonesian cement maker PT Semen Bosowa plans to raise at least IDR600bn (US$69m) from an initial public offering (IPO) slated for the fourth quarter of 2011, Bosowa Corporation Chief Executive Officer Erwin Aksa told Dow Jones Newswires.

Aksa didn’t disclose the size of the stake that Semen Bosowa will sell in the IPO.
"The proceeds from the IPO will be used to help finance our plan to build a cement plant in Sulawesi," Aksa said.

He said that the cement plant will have a capacity of up to 2.5Mta.

"We need up to IDR3trn (US$344m) to build the cement plant," he said.

Semen Bosowa, which is now 100% owned by Bosowa Corp., is based in North Sulawesi province.
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