JAKARTA. PT Semen Indonesia Tbk (SMGR) targets the closing deal for the acquisition transaction of 80.6% stake in PT Holcim Indonesia Tbk (SMCB) to be completed at the end of January 2019 until the beginning of February 2019..
Previously, SMGR announced that it had signed a conditional sale and purchase agreement to acquire a majority stake in SMCB with 6.17 billion shares or US$ 917 million on November 13, 2018. The acquisition process will be carried out through PT Semen Indonesia Industri Bangunan (SIB), a subsidiary of SMGR .
SMGR will then conduct a tender offer or a mandatory tender offer after the closing deal is completed at the end of January 2019 until the beginning of February 2019. "We will follow the applicable rules and regulations," said SMGR Corporate Secretary Agung Wiharto on Tuesday (8/1).
Referring to the rules of OJK Regulation Number 9/POJK.04/2018, the tender offer must be made by SMGR because the company becomes a new controller after the acquisition process.
Mr Wiharto said Semen Indonesia will also report to the Business Competition Supervisory Commission (KPPU) after the acquisition process is completed. "Later after closing, we will also report to KPPU," he said.
As stated in Government Regulation Number 57 of 2010 concerning Business Entity Mergers or Smelters and Taking Company Shares that Can Result in Monopolistic Practices and Unfair Business Competition, notification to the Commission must be carried out no later than 30 working days after the acquisition takes place. (AM/MS)