• It is reported that Rajawali Group, through its subsidiary Blue Valley Holdings, plans to sell a 17.4% stake at Semen Gresik (SMGR) at US$800mn or that translates into Rp7,000/share. The selling price is at a 6% discount to the share’s last traded price.
• Rajawali Group has appointed JP Morgan as the sole book runner for the transaction which will be offered through a book building process to investors. It also has an option to sell an additional 6.3% to total 23.7%.
• We believe this transaction is only on shareholder level, thus will not affect Semen Gresik’s operational performance. The company has previously said that although Rajawali Group sells its stake; it will only give minimal impact to the company as its management system has already well developed.
• However, this transaction will give some negative sentiment on the share price as the execution price is well below the current market price.
• As this transaction will only give minimal impact on the company’s performance, we still maintain our Buy stances on the counter. Semen Gresik is currently trading at 2010F PER of 11.4x and EV/EBITDA of 6.4x.
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