20th Apr 2020 14:25
(Alliance News) - Standard Chartered PLC and partner PT Astra International Tbk have agreed with Bangkok Bank Public Co Ltd to amend the sale price of their combined 89.1% stake in PT Bank Permata Tbk, Standard Chartered said Monday.
Standard Chartered shares were trading 3.5% lower at 392.40 pence each on Monday afternoon in London.
The London-headquartered lender said the two partners have agreed to change the purchase price of the Indonesian bank to 1.63 times Permata's shareholders' equity as at March, from 1.77 times the equity as at the same date, provided the sale closes before the end of June.
The amendment brings the total amount payable to Standard Chartered for its 44% stake down to IDR17 trillion - around USD1.06 billion.
In December, Standard Chartered said it would sell its stake for about USD1.3 billion in cash to the Thai commercial lender with the proceeds to be used to cover some of its expected USD500 million of restructuring charges over the next three years.
By Ife Taiwo; [email protected]
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