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Indonesia firm buys into Geleximco

Update: November, 21/2012 - 10:40

HA NOI (VNS)— PT Semen Gresik, the largest Indonesian cement producer, signed an agreement last week to buy shares of Thang Long Cement Company from Geleximco, becoming the largest shareholder in the company.

Vu Van Tien, Geleximco's chairman, told the Jakarta Post newspaper that the business would provide Geleximco with capital for developing two new projects and increase annual cement output at Thang Long Cement Company to 6.5 million tonnes from the current output of 2.3 million tonnes.

Meanwhile, Semen Gresik's general director expected the co-operation would help Semen Gresik increase its shares in Viet Nam's cement market and approach Myanmar's market.

Neither Thang Long Cement Company nor Geleximco had an official press release on this business transaction. — VNS

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