Indonesia: Rajawali Group to sell US$800m stake in Gresik

Indonesia: Rajawali Group to sell US$800m stake in Gresik
Published: 31 March 2010

The Rajawali Group of Indonesia plans to sell a 17.4 per cent stake in the country’s leading producer PT Semen Gresik for around US$800m, Reuters reported.

Blue Valley Holdings, which is a unit of investment firm Rajawali, is selling 1.03bn shares at IDR7000 (US$0.77), according to a term sheet seen by Reuters, which is at a six per cent discount to the last traded price.

JPMorgan is the sole bookrunner for the deal which will be offered through a bookbuilding process to investors and was said to be likely executed on Tuesday.

The term sheet said the investor could sell an additional 6.3 per cent.