Semen Gresik seals Vietnam deal

Semen Gresik seals Vietnam deal
20 December 2012

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.

Published under Cement News