Rajawali offers to sell 25.2% Gresik Stake

Rajawali offers to sell 25.2% Gresik Stake
Published: 09 December 2009

PT Rajawali Corp. is offering to sell its 25.2% stake in cement producer PT Semen Gresik for IDR6800/ share, a banker closed to the deal said late Tuesday.

The banker who spoke on the condition of anonymity told Dow Jones Newswires that Rajawali, which is controlled by businessman Peter Sondakh, is offering its shares to investors via private placement at a 5.9% discount to the closing price of IDR7200 a share Monday.

He said that Rajawali will use the proceeds to finance its plan to acquire BHP’s mining concession in Meruwai.