Farallon Capital Management sold its entire 4% stake in Indonesia's Bank Central Asia on Thursday, raising Rp3.37 trillion $329 million. By clearing its stake in the bank, the US-based hedge fund manager is making a big profit on the initial investment it made in 2002.
A total of 986 million shares were on offer at a price between Rp3,425 and Rp3,650, representing a discount of between 4.6% and 10.5% to Thursday's closing price of Rp3,825. The deal priced at the bottom, giving the full 10.5% discount. On Friday, the share price dropped by 7.2%.
The deal, which was arranged by Credit Suisse, took place amid a flurry of other transactions on...
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