Expanding its footprint across Southeast Asia, Chememan Public Company Limited (CMAN) has entered into agreements to acquire a 60% equity stake in PT Bukit Bunea (BB), a subsidiary of Indonesia’s PT Citatah Tbk (CTTH). The acquisition, valued at USD 10.5 million (approximately THB 336 million), will be executed through the purchase of newly issued shares under a Conditional Shares Subscription Agreement (CSSA) and a Shareholders’ Agreement (SHA) with CTTH and its founder, Mr Taufik Johannes. The strategic investment remains subject to customary conditions precedent and is expected to be completed by the second quarter of 2026.
The agreements were signed on 6 October 2025 at CMAN’s offices by Mr Taufik Johannes (second right), President Director of CTTH; Ms Tiffany Johanes (right), President Director of BB; M.L. Chandchutha Chandratat (second left), Chairman; and Mr Adisak Lowjun (left), Chief Executive Officer of CMAN.
BB has secured a long-term, high-quality limestone mining concession in Sulawesi, Indonesia, covering 141 acres, or 353 rai. CTTH’s core business is the quarrying and manufacturing of marble, with more than 33 years of experience operating in Sulawesi. Under this strategic partnership, CMAN and CTTH have agreed a medium-term plan to develop a large-scale mine and a major facility with up to 500,000 tonnes of annual lime production capacity, beginning with a first phase of 200,000 tonnes. The total estimated investment for the first phase is USD 25-30 million, while the full-scale 500,000-tonne capacity is expected to exceed USD 60 million.
This strategic partnership marks the first in a series of major expansion moves by CMAN to strengthen its regional market presence. Indonesia represents a significant and growing market for lime products, with annual demand exceeding 3 million tonnes, nearly 1 million tonnes of which is imported. The combination of a high-quality limestone concession, competitive coal costs, Sulawesi’s strategic location, and world-class production technologies provides CMAN with a long-term competitive advantage to serve both domestic and international markets. Furthermore, this investment aligns with the Indonesian government’s policy to promote downstream mining industries and reduce the nation’s reliance on imports.
‘CMAN has always focused on developing a robust, high-quality, and diversified network of lime supply to serve our growing base of customers across the Asia-Pacific region. We are very excited to produce and sell lime products in Indonesia, which will become our fifth country of operations after Thailand, Australia, Vietnam, and India,’ said Mr Adisak Lowjun, Chief Executive Officer of CMAN. ‘We sincerely thank CTTH and the Johannes family for their professionalism and commitment during our discussions and look forward to a successful and profitable future together. This is just the first chapter of what should be a great story for all of us.’