Thai cement and building material company Siam Cement Group (SCG) has acquired a stake in Indonesian paper packaging firm PT Fajar Surya Wisesa Tbk.
Siam Cement Group has paid 9.6 trillion rupiah ($665 million) for a 55 percent stake in PT Fajar Surya.
SCG noted that the deal will allow the company to foster the growth of its packaging division in the long run as PT Fajar Surya has built a production capacity to serve the Indonesian market.
The deal is expected close in the third quarter of 2019. More so, SCG’s packaging business registered sales revenue of $2.76 billion in the fiscal year 2018 whereas PT Fajar Surya reported sales revenue of $688 million.