government-exits-bank-permata-at-premium-to-market

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 $193 million block of shares and was keen to make sure nobody else would come in and disrupt their plans for the bank.

This would have been particularly important, analysts note, as certain corporate decisions...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222