After years of battling with the Indonesian government, Cemex, the world's third largest cement producer, said in a statement on May 4 that it would sell its 24.9% stake in SG to Rajawali, pending approval from the government.
The shares were sold at $2.28 each, or a 28% discount to their closing price that day on the Jakarta Stock Exchange.
JPMorgan was the financial advisor and placement agent to Cemex on the sale, which the Mexican company characterised as part of its ôwider strategy of divesting assets without a majority stakeö.
CemexÆs battles...
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