Jakarta - PT Semen Indonesia Tbk (SMGR) has announced that the acquisition of PT Semen Baturaja Tbk (SMBR) will be completed in December 2022.

"The SMBR acquisition process is currently running on track. It is estimated that at the end of October or November, the capital market process will begin and close around December this year," said Director of Finance and Risk Management Adriano Hosny Panangian on Monday (9/19).

He continued that the planned acquisition of SMBR is one of the milestones for the Semen Indonesia Group this year.

"Initially, the government saw SMBR from the perspective of portfolio management, and it was important to consolidate because in portfolio management the two cement companies, one being the market leader and the other focusing more on the region," he explained.

Therefore, he assesses the need for consolidation so that synergies and strategic management of cement clusters will run better.