Permata sets new highs

Yesterday''s placement of Bank Permata stock sets new highs for Indonesian bank sales.

Sole coordinator, ABN AMRO priced a 20% placement of Bank Permata stock yesterday December 8 at Rp750 a share. That price was a 6.68% premium to the price at which the consortium of Standard Chartered and Astra International bought 51% of the bank last month.

The price equates to a valuation of 2.7 times prospective 2004 book value of Bank Permata, the highest price ever achieved for a government-mandated bank sale in Indonesia. The recent placement of Bank Danamon stock was priced at a 2.1 multiple of book value and Bank Niaga was priced at a 1.6 times book valuation.

Bank Permata's shares were suspended yesterday trading...

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