REPUBLIKA.CO.ID, JAKARTA -- Publicly-listed cement producer PT Indocement Tunggal Prakarsa Tbk will sell its 51 percent stake in PT Gunung Tua Mandiri (GTM) for Rp51 billion.

Indocement corporate secretary Sahat Panggabean said at a press conference on Friday both companies signed a share sale purchase agreement on Thursday.

PT GTM, which is based in Bogor district, West Java, is engaged in the stone mining business.

Before the agreement was signed, PT GTM was owned by Indocement and PT Meganta Indah Sentosa. Indocement sold its shares in PT GTM to PT Meganta Indah Sentosa.

Sahat said PT Meganta Indah Sentosa is not affiliated to Indocement.

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