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...

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