Thai-based company SCG Building Materials Company Limited aims to hold a cash offer for 550 million shares or 6.53% stake of ceramics maker PT Keramika Indonesia Asosiasi Tbk (KIAS) at Rp85 per share or Rp46.75 billion.
In an official statement today, SCG Company has mandated PT CIMB Securities Indonesia to arrange the cash offer during July 5 to August 3.
The tender is following the acquisition of 93.47% shareholding in Keramika Asosiasi which was agreed on April 27 2011. Keramika Asosiasi is one of the fifth largest ceramic producers in Indonesia with 10% market share. Keramika Asosiasi operates several production facilities in Kerawang, Bogor, and Gresik with capacity of 27 square meters of floor ceramic and 23 million pieces of roof ceramics and accessories. SCG Company is 99.99% owned by The Siam Fibre-Cement Company. Keramika Asosiasi today was closed 1.19% higher to Rp85 a share.
Disclosure: No position at the stock mentioned above.
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