Strategic Expansion of CMAN into Indonesia’s Growing Market
Chememan Public Company Limited, known as CMAN, is significantly expanding its operational footprint across the dynamic Southeast Asian region by formalizing agreements to acquire a controlling 60% equity stake in PT Bukit Bunea (BB).
This subsidiary belongs to Indonesia’s established PT Citatah Tbk (CTTH), a key player in the nation’s marble quarrying and manufacturing sector with over three decades of operational experience in Sulawesi.
The strategic acquisition is valued at USD $10.5 million, which translates to approximately THB 336 million, and will be executed through the purchase of newly issued shares under a Conditional Shares Subscription Agreement (CSSA) and a comprehensive Shareholders’ Agreement (SHA) forged with CTTH and its founder, Mr. Taufik Johannes.
This critical investment is subject to the successful completion of various customary conditions precedent typical of large cross-border transactions and is currently projected to be finalized by the second quarter of 2026.
The signing of the definitive agreements took place on October 6, 2025, at the offices of CMAN, with representatives from both companies present, including Mr. Taufik Johannes, President Director of CTTH; Ms. Tiffany Johanes, President Director of BB; M.L. Chandchutha Chandratat, Chairman; and Mr. Adisak Lowjun, Chief Executive Officer of CMAN.
This entry into Indonesia marks a deliberate move to capitalize on the country’s substantial and growing demand for lime products, which currently exceeds 3 million tonnes annually, nearly one-third of which is supplied by imports, positioning CMAN to capture a significant portion of this underserved market.
Developing a Major Regional Lime Production Hub
The cornerstone of this strategic partnership is the long-term, high-quality limestone mining concession that PT Bukit Bunea (BB) has already secured in the strategically important region of Sulawesi, Indonesia.
This concession spans an extensive area of 141 acres, or 353 rai, providing CMAN with a reliable and vast source of premium raw material essential for lime production.
The medium-term development plan agreed upon by CMAN and CTTH is ambitious, focusing on establishing a large-scale mine and a state-of-the-art manufacturing facility with the capacity for up to 500,000 tonnes of annual lime production.
The initial phase of this development is set to target an output of 200,000 tonnes and is estimated to require a total investment ranging between USD $25 and $30 million.
The subsequent full-scale expansion to achieve the maximum 500,000-tonne capacity is expected to require an overall investment that will surpass USD $60 million.
This significant investment in Indonesian manufacturing capacity represents the first in a series of major expansionary moves by CMAN designed to significantly strengthen its competitive regional market presence.
The combination of BB’s high-quality limestone reserves, the competitive coal costs available in the area, Sulawesi’s advantageous logistical location, and CMAN’s world-class production technologies will provide the company with a powerful and enduring competitive advantage.
This synergy will enable the new joint venture to efficiently serve both the rapidly expanding domestic Indonesian market and key international customers across the broader Asia-Pacific region, enhancing the company’s overall supply chain robustness.
Globalizing Supply and Protecting Shareholder Value
The investment by CMAN is not merely a commercial venture; it aligns perfectly with the Indonesian government’s explicit policy of promoting downstream mining industries and reducing the nation’s current reliance on imports, thereby fostering a mutually beneficial relationship.
Mr. Adisak Lowjun, Chief Executive Officer of CMAN, underscored the strategic rationale, stating that the company’s long-standing focus has always been on developing “a robust, high-quality, and diversified network of lime supply to serve our growing base of customers across the Asia-Pacific region.”
He expressed genuine excitement about commencing the production and sale of lime products in Indonesia, which will become the company’s fifth country of operations, adding to its existing presence in Thailand, Australia, Vietnam, and India.
This expansion demonstrates a clear commitment to globalization and proximity to customers.
Mr. Adisak Lowjun also extended his sincere gratitude to CTTH and the Johannes family for their professionalism and commitment throughout the intensive discussion period, looking forward to what he anticipates will be “a successful and profitable future together.”
He concluded by noting that this agreement is “just the first chapter of what should be a great story for all of us,” suggesting further regional growth is planned.
This entire expansion process is being conducted with transparency and due diligence, ensuring the protection of all shareholders’ interests and solidifying CMAN’s position as a leading lime manufacturer in the region.
