Dec 8, 2009

Rajawali meets snag on SMGR sale

PT Rajawali Corporation has offered 25.19% shares in PT Semen Gresik Tbk (SMGR) to investors at the open price of Rp6,800 per share, 5.88% discount from closing price yesterday of Rp7,200, during private placement deal.
During a market sounding, investors are interested to buy SMGR, Indonesian's state-owned cement maker, at the level of Rp6,100, 18.03% lower that the closing price yesterday.
"Rajawali has mandated Credit Suisse, while a local brokerage [PT Danareksa Sekuritas], a subsidiary of PT Danareksa (Persero) where Heru Adiningrat [former SMGR's director] had been appointed to be director, helps the share offer as well," a source familiar with the matter said.
Heru, who is now in charge for investment banking business, taking over from Danareksa Director's Aloysius Kiik Ro, used to be working for Semen Gresik. He was represented Rajawali's executives in the cement producer with the biggest market share in Indonesia. Rajawali is a holding firm of Indonesian tycoon Peter Sondakh.

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