BBL Expects BoT Approval on “Permata” within 3Q, Emphasizing No Need to Raise Equity

Bangkok Bank Public Company Limited (BBL) has announced the Board of Directors’ Meeting held on January 23, 2020, on the Conditional Share Purchase agreement among BBL, Standard Chartered Bank (Standard Chartered) and PT Astra International Tbk (Astra) in respect of the proposed purchase of shares in PT Bank Permata Tbk (Permata).

 

BBL states that it will purchase a total of 24,991,429,3321 Series B shares in Permata from the said two major shareholders representing approximately 89.12% of the total issued and sold shares in Permata.

In this regard, BBL expects to receive approvals from the BOT and Otoritas Jasa Keuangan of Indonesia and will be able to acquire the Shares in Permata from Standard Chartered and Astra within the third quarter of 2020.

After BBL has acquired the Shares from Standard Chartered and Astra, the bank shall be required to conduct a mandatory tender offer as mentioned earlier. As a result, there is a possibility that BBL may acquire up to 100% of the total issued and sold shares of Permata through a mandatory tender offer as required by the relevant Indonesian regulations. Therefore, the indicative transaction value based on the financial statements as at 30 September 2019 may range between IDR 37,430,974 million and IDR 42,001,080 million or THB 90,909 million, or US$ 3,000 million.

 

BBL expects the transaction to be financed via a combination of internal resources and financing through the bank’s routine funding sources. At this stage, BBL does not expect to raise equity specifically for the purpose of funding this transaction.

 

The Extraordinary General Meeting of Shareholders No. 1/2020 to be on 5 March 2020 at 15.00 hrs. at 29-30 floors, 333 Silom Road, Bang Rak, Bangkok, to consider and approve the acquisition of all shares in Permata.