SBY meets with Thai cement tycoon over $1b investment plan

12 March, 2012 | Source: The Jakarta Post

President Susilo Bambang Yudhoyono met with leaders of Thailand’s Siam Cement Group (SCG) at the Presidential Office on Tuesday.

The President was accompanied by some Cabinet members, including Industry Minister MS Hidayat, State Secretary Sudi Silalahi and Cabinet Secretary Dipo Alam, while among the Thai business representatives were SCG President and CEO Kan Trakulhoon and SCG Chemical President Cholanat Yanaranop.


Representatives of Chandra Asri Petrochemical, Siam’s business partner in Indonesia, as well as Thailand’s ambassador to Indonesia, Thanatip Upatising, also attended the meeting.


The giant Thai cement producer intended to seek government support of its expansion plan, which includes the construction of a US$300 million plant in Sukabumi, West Java, Hidayat said.


“The investment of this group has reached almost $1 billion. Together with Chandra Asri, they plan to invest another $1 billion in petrochemicals,” Hidayat said.


With total assets of about $970 million, Indonesia is SCG’s biggest foreign investment destination, Kan Trakulhoon said.
“We also have also been investing in Vietnam, the Philippines and Cambodia,” he said.


SCG began its business in Indonesia in 1996 and has continued expanding due to the Thai firm’s confidence in Indonesia’s solid economic growth, Kan said.


In November 2011, SCG acquired a 30 percent stake in publicly-listed Chandra Asri Petrochemical, Indonesia’s largest integrated petrochemical firm.


Also in 2011, SCG acquired two other listed companies in Indonesia, namely PT Keramika Indonesia Assosiasi and PT Kokoh Inti Arebama.


In January, SCG spent $135 million to acquire 100 percent shares of Australia-based cement producer PT Boral Indonesia.
SCG is a business group controlled by Thailand’s royal family.
 

 

Indonesian Foreign Minister Retno Marsudi and her Maldivian counterpart Mohamed Asim will hold a bilateral meeting in Jakarta on Wednesday (June 21) to discuss the cooperation in tourism sector.
The United Nations Food and Agriculture Organization (FAO) has praised Indonesia for its role in fighting illegal, unreported, unregulated (IUU) fishing, the Indonesian Embassy in Rome said.
Indonesias real GDP growth is projected to increase from 5.2 percent this year to 5.3 percent in 2018, according to the World Banks June 2017 Indonesia Economic Quarterly.
Jakarta (ANTARA News) - Former president of the United States, Barack Obama, is scheduled to deliver a keynote speech at the opening session of the 4th Congress of Indonesian Diaspora in Jakarta on July 1, 2017.
Jakarta (ANTARA News) - Indonesian Minister of Foreign Affairs Retno Marsudi spoke by phone with her counterparts of the Middle East in a bid to ease the crisis between Qatar and a group of Arab countries.
Tokyo, Japan (ANTARA News) - Indonesian Vice President Jusuf Kalla and Japanese Prime Minister Shinzo Abe discussed accelerating the development of medium-speed railway facilities on the Jakarta-Surabaya route during a bilateral meeting after the 23rd International Forum: Future of Asia.
Address: 1068 Budapest, Városligeti fasor 26. | MAP |
Phone: (+36-1) 413 3800 Fax: (+36-1) 322 8669
E-mail: embassy@indonesianembassy.hu