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Financial News: World’s biggest cement maker deals Indonesian unit to government-controlled company

Holcim Indonesia
Holcim Indonesia cement truck at beton production facility.

Swiss cement company LafargeHolcim has sold its 80% stake in its PT Holcim Indonesia arm to Semen Indonesia, valuing Holcim Indonesia at $1.75 billion. The divestment comes as part of the Franco-Swiss group’s drive to boost sales by focusing on fewer markets and cutting costs.

The sale comes eight months after Jens Jenisch, chief executive of LafargeHolcim, outlined a five-year restructuring after the company announced a $4 billion write-off. Around two-thirds of that impairment charge was concentrated in Indonesia, Brazil, Malaysia and the Middle East.

Semen Indonesia, which is 51% owned by the Indonesian government, is understood to have outbid several other buyers including Japan’s Taiheiyo Cement, and HeidelbergCement of Germany, according to people familiar with the situation.

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