Cemex exits Semen Gresik for $337 million

An Indonesian conglomerate, the Rajawali Group, agrees to purchase a stake in a local cement plant, ending years of problems for an Mexican firm trying to do business in Indonesia.
The Rajawali Group has agreed to purchase Mexican cement conglomerateÆs Cemex SA's stake in PT Semen Gresik for $337 million.

After years of battling with the Indonesian government, Cemex, the world's third largest cement producer, said in a statement on May 4 that it would sell its 24.9% stake in SG to Rajawali, pending approval from the government.

The shares were sold at $2.28 each, or a 28% discount to their closing price that day on the Jakarta Stock Exchange.

JPMorgan was the financial advisor and placement agent to Cemex on the sale, which the Mexican company characterised as part of its ôwider strategy of divesting assets without a majority stakeö.

CemexÆs battles...
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