Standard Chartered Lowers Selling Price for Stake in PT Bank Permata
April 20 2020 - 9:41AM
Dow Jones News
By Adriano Marchese
Standard Chartered PLC said Monday that it has agreed to reduce
the selling price for its interest in PT Bank Permata Tbk.
The Asia-focused bank said that its subsidiary, Standard
Chartered Bank, and its partner PT Astra International Tbk have
agreed with Bangkok Bank to amend the terms of the agreement of
Dec. 12 in which they agreed to sell their aggregate 89.12% equity
in PT Bank Permata.
The purchase price has been revised to 1.63 times Permata's
shareholders' equity as at March 31, down from 1.77 times, Standard
Chartered said. The company said that the latest estimated
consideration payable in cash is around $1.06 billion.
In December, Standard Chartered said that it had agreed to sell
its 44.56% interest in Indonesia's Bank Permata for $1.3 billion to
Bangkok Bank.
The 18% reduction in estimated proceeds is attributed to the
revised valuation multiple, as well as a reduction in Permata's
shareholders' equity after adopting IFRS 9 and the recent
depreciation of the Indonesian Rupiah against the dollar, the
company said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 20, 2020 09:26 ET (13:26 GMT)
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