Government exits Bank Permata at premium to market

Entire $193 million stake bought by Standard Chartered consortium, boosting its holdings to 89%.

The Indonesian government has sold its remaining 25.9% stake in the countryÆs ninth largest lender, Bank Permata, through a block trade that saw the shares change hands at a 10.75% premium to the most recent close.

The price seemed steep at first. However, it turned out that it was bought by the consortium with a controlling stake in Permata - which consists of Standard Chartered Bank and IndonesiaÆs leading car manufacturer Astra International. The consortium bought the entire Rp1.75 trillion...

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