A shareholder of cement maker PT Indocement Tunggal Prakarsa has appointed Macquarie Securities Indonesia as the sole selling agent for a share placement worth up to US$113m, a term sheet showed Wednesday.

The undisclosed institutional seller is offering 60 million shares, or about 1.6% of Indocement’s outstanding shares, with an offering price of IDR16,000 to IDR17,000 each, representing a discount of up to 5.9% from Wednesday’s closing price.