BBL Amends the CSPA of “Permata” to 1.63 Times of Book Value

Bangkok Bank Public Company Limited (BBL) has announced that, on April 20, 2020, BBL has agreed with Standard Chartered Bank (Standard Chartered) and PT Astra International Tbk (Astra), as the Sellers, to amend the terms of the conditional share purchase agreement (the CSPA) dated December 12, 2019 relating to the Bank’s acquisition of a 89.12% shareholding in PT Bank Permata Tbk (Permata) (the Transaction).

 

The Parties to the Transaction have agreed to amend the CSPA to revise the purchase price for the Transaction from a 1.77 to a 1.63 times multiple of Permata’s book value as at March 31, 2020, subject to the Transaction closing on or prior to June 30, 2020.

As at the date of this announcement, BBL has received approval for the Transaction from its shareholders pursuant to the resolution of the extraordinary general meeting of shareholders of March 5, 2020. Permata’s shareholders are expected to approve the acquisition plan by the end of April 2020. The Transaction remains subject to certain conditions, including necessary approvals from the regulatory authorities in Indonesia.