Semen Andalas cuts debts

Semen Andalas cuts debts

JAKARTA (JP): PT Semen Andalas cement company in Aceh province
announced here yesterday that it has restructured its capital and
reduced its long-term debts to US$79 million by admitting new
investors.

Under an agreement signed here last week, the cement company,
which began production in 1983 with an installed capacity of one
million tons a year, is now 34.65 percent owned by Indonesian
shareholders. The other 65.35 percent is owned by Cementia
Holding of Switzerland, Commonwealth Development Corporation of
Britain and Deutsche Investitions und Etwicklungsgesellschaft MBH
of Germany, all old shareholders.

Among the new Indonesian shareholders are PT Mandaraka
Buanasakti, PT Intermatra Comperta and PT Tridaya Upayamanunggal
(a unit of the Indocement group).

The company's old management, however, is retained with Martin
R. Wilkes remaining as the president. (vin)