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)