Sell-down in Semen Gresik swells to $1.08 billion

The Rajawali group sells most of its stake in the Indonesian cement producer in a well-received fixed-price deal that is upsized by $285 million.

Close to a quarter of Semen Gresik's share capital changed hands in the early hours of yesterday morning as an investment company owned by the Rajawali group sold 95% of its shareholding in the Indonesian cement producer.

At Rp9.821 trillion $1.08 billion, the deal is the largest ever block trade or follow-on from Indonesia, excluding rights issues, and it was also a huge transaction for the company. At the final size, it accounted for 23.7% of Semen Gresik's outstanding...

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