PT Holcim Indonesia, the country’s third-largest cement maker, said it plans to buy an affiliate in the region to support exports amid stagnating domestic sales.
The company, a unit of Switzerland-based Holcim Ltd., plans to “acquire a company within Holcim regional group,” it said in a statement in Investor Daily Indonesia newspaper. It didn’t give details.
Holcim Indonesia, the first Indonesian company to sell shares in 1977, joins larger rival PT Semen Gresik in considering acquisitions after asset values dropped. The cement maker had 853 billion rupiah ($71 million) in cash and cash equivalents at the end of 2008, its earnings report said.
The Indonesian unit said in a March 10 earnings statement that it postponed expansion at its Tuban plant because of the global financial crisis. The company last year bought a cement grinding mill at Ciwandan in West Java and a quarry in East Java, the statement said.
The Indonesia Cement Association in February estimated that sales of the building material will be little changed this year. Holcim, previously known as PT Semen Cibinong, had a 14 percent share in the country’s cement market, compared with Gresik’s 44 percent. Exports accounted for 12 percent of the company’s 4.8 trillion rupiah sales in 2008.
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