PT Rajawali Corp., an Indonesian conglomerate owned by tycoon Peter Sondakh, is considering selling its controlling interest in gold miner PT Archi Indonesia, according to people with knowledge of the matter.
The Jakarta-based conglomerate is working with a financial adviser on the potential divestment and could decide to keep a stake, said the people, asking not to be identified as the process is private. Rajawali, which owns about 85% of the miner’s shares, is seeking about a $1 billion valuation for the company in a deal, one of the people said.
Archi shares surged as much as 18% in their biggest gain since January in Jakarta on Friday after the Bloomberg News report. The stock has advanced about 15% this year, giving the company a market value of around 9.4 trillion rupiah ($602 million).
Read the full story on Bloomberg here.