SCB sells US$1.3b Permata stake

Business | Tereza Cai 13 Dec 2019

Standard Chartered (2888) has announced the sale of its 89.12 percent equity interest in Permata to Bangkok Bank for US$1.3 billion (HK$10.14 billion).

The purchase price will be 1.77 times Permata's book value based on the most recent financial results published prior to completion.

Standard Chartered said earlier this year that its 44.56 percent equity interest in Permata was no longer core and that it had chosen to focus on its wholly-owned banking presence through Standard Chartered Bank Indonesia for its ongoing operations and future growth in Indonesia.

Bill Winters, group chief executive said: "The sale of our stake in Permata will allow us to focus on our wholly-owned business in the large and strategically important Indonesian market, and will release capital for reinvestment or return to shareholders."

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