The shares worth Rp10.99 trillion give SIG 83.52 percent ownership of SBI.
The share acquisition is aimed at restructuring and strengthening SIG Group's governance, especially in the cement business, SIG corporate secretary Vita Mahreyni said in a written statement issued in Jakarta on Saturday.
"(With the share acquisition), like PT Semen Gresik, PT Semen Padang, PT Semen Tonasa, and PT Semen Baturaja (Persero) Tbk, SBI is currently a direct subsidiary of SIG," she added.
SIG and SIIB are affiliated based on the Financial Services Authority’s (OJK’s) Regulation No. 42/2020 since SIIB is a subsidiary of a state-owned company that is directly controlled by SIG through a 99.999-percent ownership.
PT Solusi Bangun Indonesia Tbk is operating four cement plants in Narogong (West Java), Cilacap (Central Java), Tuban (East Java), and Lhoknga (Aceh), which have a combined capacity of 14.8 million tons per year and employ more than 2,400 workers.
The company is currently running a construction material supply network covering special distributors, construction material shops, and construction experts.
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Translator: Citro Atmoko, Suharto
Editor: Rahmad Nasution
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