Swiss cement company LafargeHolcim has sold its 80% stake in its PT Holcim Indonesia arm to Semen Indonesia, valuing Holcim Indonesia at $1.75bn. The divestment comes as part of the Franco-Swiss group’s drive to boost sales by focusing on fewer markets and cutting costs.

The sale comes eight months after Jens Jenisch, chief executive of LafargeHolcim, outlined a five-year restructuring after the company announced a $4bn write off. Around two thirds of that impairment charge were concentrated in Indonesia, Brazil, Malaysia and the Middle East.