JAKARTA. PT Cemindo Gemilang Tbk (CMNT), through one of its subsidiaries, Cemindo Investments Pte. Ltd. (CIPL), has indirectly placed an investment in Alpha Ciment SA, a cement manufacturer from Madagascar.

This capital investment is carried out by CIPL through CIMAD Holdings Ltd. For the record, CIMAD Holdings is a company that controls the entire shares of Alpha Ciment.

As of now, Alpha Ciment has a cement production facility located in Ibity, with a cement production capacity of 180,000 tons per year and 130,000 tons of clinkers per year. In addition, the company also manages a packaging factory located in Tamatave, with a capacity of 380,000 tons per year.

Vince Erlington Indigo, Vice President Director of CMNT, mentioned that said capital investment was given in order to support the company’s global expansion. “Said transaction drives the company to promote its existence in all parts of the world in a more meaningful way within the next years,” he said in the official statement.

According to IDNFinancials data, CMNT recorded cash and cash equivalent of IDR 68.62 billion as of September 30, 2023. The total assets were recorded at IDR 1.84 trillion, and the total equity clocked up to IDR 1.08 trillion. (KR/ZH)