STAN Standard Chartered Plc

   By P.R. Venkat 
 

Standard Chartered PLC and its partner Astra International have agreed to sell their stake in Indonesian lender Bank Permata at a reduced price.

Under the revised terms, Standard Chartered will get $1.06 billion from the sale its 44.56% stake in Bank Permata to Bangkok Bank PCL., the Asia-focused U.K. lender said late Monday. It was originally due to get $1.3 billion.

The 18% reduction in estimated proceeds is due to revised valuation multiples and a reduction in Permata's equity following adoption of IFRS 9 accounting norms, Standard Chartered said.

The recent depreciation of the Indonesian rupiah against the U.S. dollar also contributed to the reduced price, it said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

April 20, 2020 21:17 ET (01:17 GMT)

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