Semen Indonesia said it plans to buy back up to IDR1trn (US$70.85m) of its shares as their market value has fallen.

"In the near future we will do buy-back because we don't want to lose the momentum," Ahyanizzaman, finance director at Semen Indonesia, told Reuters on Wednesday, adding that the company has yet to appoint the broker that will conduct the buyback.

Shares of the cement maker have fallen by more than 50 per cent this year on a slowing Indonesian economy and rising competition. (Source: Reuters)