PT Semen Cibinong said it has set aside US$20m to buy back debt in foreign exchange denomination this year. A company Director Jannus Hutapea told the Surabaya Stock Exchange that the company will use its own funds to buy back the debt.
Hutapea said the management of the company wanted the buy back the debt to reduce debt repayment burden and loss on foreign exchange. Semen Cibinong, which has an annnual capacity of 9.7Mt of cement, is 77.33 per cent owned by Holcim Ltd.
