Siam Cement Says No Impact from Indonesia’s KIA Dispute

The Siam Cement Public Company Limited (SET: SCC) notified the Stock Exchange of Thailand (SET) late Wednesday that PT Keramika Indonesia Assosiasi Tbk (KIA), a subsidiary of SCC’s Cement and Building Material Business listed on Indonesia Stock Exchange (IDX) and operating as a ceramic tiles manufacturer in Indonesia with 2022 revenue of approximately 1,500 Million Baht, has notified IDX that Bank of Indonesia Liquidity Assistance Task Force (Satuan Tugas Dana Bantuan Likuiditas Bank Indonesia or Satgas BLBI, which is the Indonesian government agency has blocked KIA and its subsidiary, PT KIA Keramik Mas (KKM),from accessing the company registration system administered by the Ministry of Law and Human Rights (MOLHR). 

The reason for blocking is due to the ongoing investigation on some of KIA’s minority shareholders by Satgas BLBI. As a result, KIA’s Annual General Meeting of Shareholders resolution for the year 2022 for the changes of Board of Commissioners has yet to be updated to the MOLHR system, and therefore, the notification letter of the change of company data could not be issued from the system.

It should be noted that KIA’s Founder has no relation to SCC and this disclosure of information has no significant impact on SCC.