Indonesia divests entire Indocement stake

JPMorgan completes a $98 million placement for the government.

The Indonesian government eased its budget deficit figures yesterday Thursday following the sale of its remaining 13% stake in Indocement Tunggal Prakarsa. Coming on top of a 176% run up in the company's share price year-to-date, the government could hardly be faulted for the timing of its sale.

The lead manager's job was made slightly tricky, however by a difficult day for Asian equity markets. Following a weak performance in the US overnight, most Asian markets were down, with Jakarta falling just over 2% on the day.

This meant that a headline discount of 4.16% to the stock's Rp1,800 close on Wednesday was even more impressive than it first appeared. The...

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