Jakarta - PT Semen Baturaja Tbk announced that the company would transfer 7.499 billion state-owned series B shares to PT Semen Indonesia Tbk (SMGR).

"This is done as an additional state investment in SMGR," said SMBR VP Corporate Secretary Doddy Irwan in an information disclosure on Monday (9/26).

This step was taken by referring to regulation No. 33 of 2022 concerning the addition of the Republic of Indonesia's State Equity Participation into the share capital of the Indonesian Cement Company.

The transfer of state-owned series B shares in Semen Baturaja to be used as additional state equity participation in SMGR will result in a change in the company's status from a limited liability company (Persero) to a limited liability company (non-Persero), namely PT Semen Baturaja Tbk.

"Thus, the company's series B shares of 75.51% will be owned by SMGR and 24.49% owned by the public, "he added.