Rajawali

Rajawali Managing Director Darjoto Setyawan said Wednesday that the group raised 9.8 trillion rupiah ($1.08 billion) by selling the stake at 7,000 rupiah a share to a number of institutional investors.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

"We have given the government one month to consider the purchase of our remaining stake in Gresik," said Rajawali's Setyawan, adding that if the government doesn't take the offer, Rajawali might sell the stake to investors.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

Mr. Setyawan said Rajawali has offered to sell its remaining 1.25% stake to the government.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

Mr. Setyawan said Rajawali — an investment company owned by one of Indonesia's wealthiest businessmen,

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

"After the stake sale, Rajawali could lose two directors and one commissioner at Gresik," he said, adding that the stake sale won't affect the company's business.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

Rajawali bought a 24.9% stake in Gresik from Mexican cement maker Cemex SAB in July 2006 for $336.7 million, meaning Tuesday's sale brought the investment company a large profit.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

Rajawali Managing Director Darjoto Setyawan said Wednesday that the group raised 9.8 trillion rupiah ($1.08 billion) by selling the stake at 7,000 rupiah a share to a number of institutional investors.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

"We have given the government one month to consider the purchase of our remaining stake in Gresik," said Rajawali's Setyawan, adding that if the government doesn't take the offer, Rajawali might sell the stake to investors.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

Following the sale, Rajawali has been left with 1.25% of Gresik, the Indonesian government with 51%, and public shareholders with the rest.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010

In 2007, Rajawali sold a 16% stake in cellular operator PT XL Axiata to Etisalat for 4.1 trillion rupiah.

Rajawali Sells Gresik Stake for $1.1 Billion Edhi Pranasidhi 2010