Jakarta. Indonesian conglomerate Rajawali Group said on Tuesday it had sold a 21 percent stake in infrastructure developer Nusantara Infrastructure to Matahari Kapital Indonesia for Rp 864 billion ($65.5 million).
Rajawali, through Hijau Makmur Sejahtera, sold 3.2 billion Nusantara shares at 270 rupiah each , the conglomerate said in a statement. Nusantara shares last traded at Rp 177.
"The release of the stake owned by Rajawali Group was done ... when the government is accelerating the development of the infrastructure sector to support economic growth," it said.
Rajawali, controlled by Indonesian tycoon Peter Sondakh, also has businesses in property, taxi and mining.