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.
