Semen Gresik To Open Factory In Myanmar By 2013

Jakarta, July 30 (ANTARA) - The country`s largest cement producer PT Semen Gresik will open a factory in Myanmar at an estimated investment value of 300 million US dollars by the first half of 2013. "It will be built next year as we currently focus on optimizing the national domestic demand," said Financial Director of Semen Gresik Ahyanizzaman to ANTARA here on Monday. He remarked that the company had still not conducted a feasibility study over the planned project as yet. The company, however, has been chasing every opportunity to build the factory in Myanmar, since the economic growth of the country was on a steady road. "We will see such prospects in the future. Due to the high cement demand in Myanmar, next year will be the right time to start (the project)," he added. The company would use bank loans and bonds to fund the project, and the company is expected to have Rp3.8 billion (402.11 million dollar) by the first half of 2012. "We haven`t sold any bonds this year," he revealed. Until the first half of 2012, PT Semen Gresik has undergone a capital expenditure of 180 million dollars or about 60 percent of the company`s budget. "In 2013, our company will set a capital expenditure of 500 to 600 million dollars," he concluded.