Majority shareholder trims stake in Indocement

HeidelbergCement yesterday sold a 14.1% stake in Indonesia-based PT Indocement Tunggal Prakarsa through a placement that attracted interest primarily from long-only funds. The upsized deal, which raised Rp3.12 trillion about $300 million, will reduce the stake held by the German cement manufacturer from 65.1% to 51% -- a level which it says it intends to keep for the foreseeable future.

While Indonesia is typically not one of the most active markets when it comes to placements or block trades, this was the second publicly marketed offering in just one week after three foreign investors teamed up to reduce their stake in coal miner PT Adaro Energy. That deal was completed last Wednesday and...