Majority shareholder trims stake in Indocement

Germany's HeidelbergCement raises $300 million and reduces its holding in the Indonesian cement maker to 51%.

HeidelbergCement yesterday sold a 14.1% stake in Indonesia-based PT Indocement Tunggal Prakarsa through a placement that attracted interest primarily from long-only funds. The upsized deal, which raised Rp3.12 trillion about $300 million, will reduce the stake held by the German cement manufacturer from 65.1% to 51% -- a level which it says it intends to keep for the foreseeable future.

While Indonesia is typically not one of the most active markets when it comes to placements or block...

To continue reading, please login or register for free

Click for more on: placement | selldown | cement | building materials | rbs

Print Edition

FinanceAsia Print Edition

CONFERENCES