The shareholders of the country’s second largest cement maker PT Indocement Tunggal Prakarsa (INTP) approved plan by its management to seek to refinance its debt. The shareholders in a meeting on Wednesday approved a plan to sell part of the debt of the publicly listed company to HeidelbergCement Finance BV, Corporate Secretary of INTP, Ria Sjahroni said. The management of the company proposed to refinance a debt of Rp150 million, which was a loan from Heidlberg Cement Finance B.V., a subsidiary of its majority shareholder HeidelbergCement of Germany. INTP has a total debt of US$496m.
