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Rajawali Group sells stake in PT Semen Gresik

World Cement,

Rajawali Group, Indonesia, has sold its 23.66% stake in PT Semen Gresik in a deal that should raise almost US$1.1 billion – this will mark one of the nation’s largest equity transactions since 2008.

According to Darjoto Setyawan, Managing Director at Rajawali, the stakes were sold at 7000 rupiah (US$ 0.73 cents) a share and brought in a total of 9.8 trillion rupiah (US$ 1.08 billion). He also revealed that the Group will use the profits for the development of its mining, agriculture, property and tourism sectors.

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