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:: Semen Gresik May Spend IDR600 Billion For Acquiring Kertas Kraft

JAKARTA: PT Semen Gresik Tbk estimated investment IDR600 billion-IDR800 billion of cash needed to acquire PT Kertas Kraft Aceh (KKA), derived from external fund, specifically bank loan.

The company still considers acquiring KKA as it might boost Semen Gresik’s efficiency, said Semen Gresik President Director Dwi Soetjipto. However, he affirmed that the company still upholds prudence principle during this acquisition attempt.

“We still consider acquiring KKA, yet we must ensure that KKA’s production continuance is warranted. It is useless if we acquire the company with cheap price, but with no business continuance,” he said yesterday. As for now, the company has signed a memorandum of understanding (MoU) with KKA to purchase KKA’s production result.

Besides acquiring KKA, the company still continues the acquisition process towards a Malaysia-based cement producer. The state controlled cement producer allocated IDR5 trillion for such acquisition, derived from bank loan or bond issuance’s proceeds. “The acquisition over a Malaysia-based company is part of our strategy. It is still ongoing, but we cannot inform anything yet. We prepare IDR5 trillion to such acquisition, derived from external financing,” he said. To ensure internal growth, the company has also allocated IDR5 trillion-IDR6 trillion to construct two new cement plants, one of them located in West Sumatra. About IDR1 trillion will be from bank loan or bond proceeds, while the remainder from internal cash. Those two plants will have 5 million ton of capacity per year. This construction is one of ways to achieve production target of 30 million ton per year by 2015. The current production capacity has reached 20 million ton per year, and expected to exceed 25 million ton per year. “Next year’s capex probably reaches IDR5 trillion-IDR6 trillion to build two factories, and to finance other development activities. For internal growth, we prefer to use internal cash,” he resumed. (t02/ags)