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 share capital and represented about 250 trading days.

Despite that, sole bookrunner J.P. Morgan offered the shares in the market at a fixed price of Rp7,000 per share, which represented a discount of only 6%...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222