· Semen Gresik prefers to optimize loans from banks of up to Rp3.54tn in order to finance its Tonasa V project. This project will bear 2.5mn tons/year of installed production capacity and will be supported by 2x35 MW power plants.
· Semen Gresik aims to complete this US$412mn project somewhere in 4Q11, and hence, to enjoy the contribution in the following years. From total of US$412mn, US$300mn of which is allocated for cement plant and the remaining US$112 for the power plant.
· Beside Tonasa V, Semen Gresik is also aims to complete Tuban IV project in 2012, this project holds same capacity with Tonasa V with total investment cost reaching US$712mn.
· Semen Gresik stands a at net cash position that enables the company to optimize external financing to finance its projects. Currently SMGR is trading at 2011F PER of 14.5x and EV/EBITDA of 8.6x.
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