Standard Chartered, Astra Agree to Reduce Sale Price of Indonesia Lender
April 20 2020 - 9:32PM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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