Indonesia's cement maker Semen Gresik said it had allocated $200 million to finance acquisitions and the company's investment in Myanmar which is projected to start in 2014, the Jakarta Globe reported Wednesday.
"We will have a joint venture and we are seeking a strategic partner in Myanmar," Dwi Soetjipto, president director of Semen Gresik, was quoted by the Jakarta Globe as saying. Semen Gerik will build two new cement factories with a production capacity of 3 million tons each, in 2013. One will be in Padang, West Sumatra, and the other in Rembang, Central Java.
Net income rose 23 percent to Rp 3.38 trillion ($352 million) in the January to September, as sales jumped 17 percent to Rp 13.6 trillion, the East Java-based firm, said in a filing to the Indonesia Stock Exchange (IDX). Gresik's cement production is estimated to reach 26 million tonnes per year, compared to the 19.8 million tonnes in 2011. Its cement sales rose 28.3 percent in September this year from a year earlier, hitting 2.14 million metric tons. Its total cement sales stood at 16 million tons for the first nine months this year, up from 14 million tons a year earlier.