Boral raises RI stake

Boral raises RI stake

SYDNEY (Reuters): Building products group Boral Ltd said
yesterday it had increased its share in Indonesian concrete
company PT Jaya Readymix to 90 percent from 50 percent.
Terms were not disclosed.

Boral said the PT Jaya Readymix joint venture commenced in
1972 as the first readymix concrete producer in Indonesia, and
was the largest concrete operator in the Indonesian market.

"Our joint venture partner, PT Pembangunan Jaya offered Boral
the opportunity to purchase 80 percent of its shareholding in PT
Jaya Readymix," Boral managing director Tony Berg said.

"We believe this is a good investment in a strong business
with a leading market share," he said. Berg said the Indonesian
operation was one of the company's more profitable businesses in
the region and the purchase of the 40 percent stake came at a
time when assets could be purchased at good values.

A company spokesman later said Boral had been involved in
Indonesia for 25 years and was taking a long term view about the
local economy.