Indonesia’s Rajawali Group in divestment mode

Visual from RNI website

PT Rajawali Corpora, the holding company of the Rajawali Group owned by Indonesia’s business tycoon Peter Sondakh, is in divestment mode.

Last Friday (June 12), the company signed a deal to sell 37 per cent shares of plantation firm PT Eagle High Plantations Tbk, previously called PT BW Plantations Tbk as well as approximately 95 percent of its sugar plantation to Felda Global Ventures (FGV) Holdings Berhad of Malaysia in cash and stock deal worth $680 million.

Also Read: Over priced Deal? Malaysia’s FGV’s buys 37% in Rajawali Group’s EHP

The deal came after the group earlier revealed its plan to sell portion of its shares in the country’s largest taxi operator PT Express Transindo Utama Tbk as well as possibly the entire stake in infrastructure company PT Nusantara Infrastructure Tbk.

Rajawali holds 51 per cent shares in PT Express Transindo Utama. PT Saratoga Investama Sedaya Tbk (IDX code: SRTG) has expressed interest to buy shares in Express.

Setyawan said Saratoga is conducting due diligence, which expects the due diligence to be completed by the end of this month.

Rajawali through Eagle Infrastructure holds 22.32 per cent in Nusantara Infrastructure. “We have more or less 20 per cent shares in Nusantara Infrastructure. We could sell (our) entire shares in the company,” Rajawali Corpora managing director Darjoto Setyawan.

Rajawali also plans to revive the IPO of its gold mining unit, PT Archi Indonesia, in the first quarter of 2016.

In early December 2014, Rajawali Corpora decided to postpone the IPO of PT Archi Indonesia due to weak global economy and volatility of commodity prices as crude oil plunged. The company was supposed to sell 1.6 billion units of shares or equal to 40 percent of its enlarged capital at price range of 1,895 – 2,445 rupiah a share.

Darjoto Setyawan concludes that the above corporate actions highlights Rajawali’s aim to focus on property, palm oil plantation and mining.

Also Read:PT Archi launches up to $379m Jakarta float

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.