"The name change was agreed in a shareholders` extraordinary meeting. The new name reflects a bigger holding and is more Indonesian," its president director, Dwi Soetjipto said, at the shareholders` meeting here on Thursday.
He said he hoped the name change would also give a momentum for accelerating the company`s growth in the future.
He also hoped the new name could also represent a bigger umbrella for its subsidiaries whose headquarters are located in various regions such as Padang in West Sumatra, Gresik in East Java and Tonasa and future development plans.
"Regionalism perception is still quite strong and therefore a name change is needed to support corporate vision," he said.
Dwi said to boost the company`s performance in 2013 the company has set a budget of US$400 to US$600 million in capital expenditure.
Regarding the company`s share price in the Indonesia Stock Exchange Dwi said its value would move positively following the company`s positive performance.
"With corporate actions such as increasing projects and acquisition it is hoped the value of its shares would further move positively in the future," he said.
Dwi said the company has acquired 70 percent shares of Vietnamese company Thang Long Cement Joint Stock Company (TLCC) worth US$157 million from Ha Noi General Export-Import Joint Stock Company (Geleximco).
He admitted the company would conduct a stock split if the price of SMGR shares reached Rp20,000 per share.
"A stock split will be done if the price of shares reaches Rp20,000 per share and calculations would be made so that the share price would be more liquid," he said.(*)