Singapore: Cement maker PT Holcim Indonesia told Reuters its chief executive, Tim Mackay, was killed in a bomb blast at a hotel in Jakarta on Friday, sending the firm’s shares down more than 5%.

“He is dead,” said the company’s marketing director Patrick Walser, confirming that Mackay had been killed in an explosion.

Indonesian police said nine people were killed in bomb blasts at two hotels, the JW Marriott and the Ritz Carlton, in Jakarta’s business district. Local television said two people were also killed in a third explosion, a car bomb north of the capital.

Holcim Indonesia is 77.3% owned by the world’s second-largest cement maker, Holcim Ltd of Switzerland.

The Indonesian entity is the country’s third-biggest cement producer with annual output of around 7 million tonnes.

Holcim Indonesia’s shares dropped 5.26% as of 0430 GMT, compared to a 1.25% fall in the benchmark Jakarta index.

Mackay became CEO of the company in 2004, the firm’s website said. In 2006 he changed the company’s name from PT Semen Cibinong to PT Holcim Indonesia, and is credited with helping transform the firm into a profitable and competitive company.