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Business News (r)




19970612 

       Semen Cibinong takes stake in Myanmar plant 



[JAKARTA] PT Semen Cibinong said it will take a stake in a US$210 million
(S$300 million)
cement plant in Myanmar that will triple the country's cement output. 

"The economics are good," said Hashim Djojohadikusumo, the President
Director of Semen
Cibinong. "I won't say how good, or everyone will go to Myanmar. We were
lucky to have been
chosen." 

The plant will be 60 per cent-owned by Semen Cibinong, while its affiliated
trading company PT
Tirtamas will hold 10 per cent. The company will invest a total of US$105
million in the project. 

The remaining 30 per cent will be owned by the Union of Myanmar Economic
Holdings, which is
owned by the government of Myanmar. 

The plan will make Semen Cibinong one of the largest foreign investors in
Myanmar outside of
the oil and gas sector, the company said. 

Semen Cibinong is one of Indonesia's big three cement companies. Its shares
fell 25 rupiah to
5,975 rupiah. -- Bloomberg