Progressing further with its disposal programme, Heidelberg
Cement has sold 520.5 million shares representing 14.1 % of the 65.1 % stake which it holds in the Indonesian cement producer PT Indocement Tunggal Prakarsa. The 220 million € private placement to international institutional investors enables HeidelbergCement to reduce the existing debt.
Indocement, one of Indonesia’s leading cement manufacturers with a production capacity of 17.1 million t, is a cornerstone of HeidelbergCement’s Asia strategy. “At 51 %, we will retain our controlling stake in Indocement, while being able to further deleverage the parent company,” said Dr Bernd Scheifele, Chairman of HeidelbergCement’s Managing Board.
HeidelbergCement is working on comprehensive refinancing of its existing liabilities accompanied by a disposal programme of selected non-strategic business interests over the next two years. HeidelbergCement will also continue with its consistent cost management and focus further primarily on generating the highest possible cash flows.