Indonesia conglomerate Peter Sondakh will gain Rp5.2 trillion from sale of up to 19.9% interest in Indonesia largest cement maket PT Semen Gresik Tbk (SMGR) in less than 4 years.
Blue Valley Holdings Pte Ltd, subsidiary of Rajawali Corporation, is starting book building tonight and scheduled to end the sale transaction tomorrow.
Rajawali will offer 17.43% stakes or 1.04 billion shares in Semen Gresik via private placement. JPMorgan is sole book runner of the private placement. Rajawali offers Semen Gresik at Rp7,000 per share, a 6% discount from today's market closing of Rp7,450 per share. Rajawali will grab around Rp8.26 trillion from 19.9% sale. In May 2006, Rajawali bought 24.9% stakes of SMGR from Cemex Holdings.According the sale structure, when JPMorgan gets strong deman, Rajawali enables to upsize the sale up to 19,9% shares, leaving 5% stakes.