INTP – Acquired 100% of Semen Grobogan shares

INTP – Acquired 100% of Semen Grobogan shares Indocement Tunggal Prakarsa (INTP) strategically acquired 100% of Semen Grobogan shares and its subsidiary, Dian Abadi Perkasa to strengthen its position in Central Java's competitive cement market. The acquisition will be completed by December 1, 2023, aligning with INTP's regional expansion plans. The exact value of the acquisition remains undisclosed, but it's confirmed to be <20% of the company's equity, making it a non-material transaction. Semen Grobogan boasts a production capacity of 1.8 mn tons of clinker and 2.5 mn tons of cement annually. INTP reported the sale of 1.6 mn tons of cement in August 2023 and a cumulative total of 10.8 mn tons for the year (+ 8.4% yoy) from January to August 2023. INTP’s domestic market declined to 27.2% in August due to regional competition. Nonetheless, the company remains optimistic about the industry's performance in the second 2H23, anticipating increased cement demand due to the rise in cement prices. (Source: Bisnis Indonesia)