Jun 6, 2010

Danareksa buys SMGR from Rajawali

Government of Indonesia has finally bought 36.92 billion stakes in state-owned cement maker PT Semen Gresik Tbk (SMGR) from Rajawali Corporation's subsidiary Blue Valley Holdings Pte Ltd.
In a public announcement recently to Indonesia Stock Exchange, Marciano H. Herman, President Director of PT Danareksa Sekuritas, said the acquisition has been done by Danareksa Sekuritas on June 1 2010.
According to Marciano, Danareksa, mandated by the government, has purchased the stakes from Blue Valley at Rp258.47 billion.       
On March 30 2010, Indonesian 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 offered 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.
In May 2006, Rajawali bought 24.9% stakes of SMGR from Cemex Holdings. According the sale structure, when JPMorgan gets strong demand, Rajawali enables to upsize the sale up to 19,9% shares, leaving 5% stakes.

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