BBL Completes the Transaction Worth ฿73.7Bn for “Permata”, Taking 89% Stake of the Bank

Bangkok Bank Public Company Limited (BBL) announced that the bank has completed the transaction for the acquisition of PT Bank Permata Tbk (Permata) on May 20, 2020.

 

Reference is made to the Conditional Share Purchase Agreement dated December 12, 2019 (the CSPA) among Bangkok Bank Public Company Limited (BBL), PT Astra International Tbk (Astra) and Standard Chartered Bank (Standard Chartered) in respect of the proposed purchase by the Bank from Astra and Standard Chartered of 24,991,429,332 Series B shares in PT Bank Permata Tbk (Permata), representing 89.12% of the total issued and sold shares in Permata (the Transaction).

 

BBL would like to notify you that the Transaction was completed on May 20, 2020, at the final purchase price of IDR1,346.97 per share (approximately THB 2.95 or USD 0.09 pershare). The transaction value for the acquisition of 89.12% of the total shares in Permata is IDR 33,662,797 million (approximately THB 73,722 million or USD 2,282 million).

The completion of the Transaction took place following the fulfillment of all necessary conditions precedent, including the receipt of approvals of Otoritas Jasa Keuangan (OJK) of Indonesia and the Bank of Thailand.

 

BBL will be required, in due course, to conduct a mandatory tender offer for the remaining shares in Permat a (representing approximately 10.88% of the total issued and sold shares in Permata held by minority shareholders) in accordance with applicable laws and regulations of Indonesia.

 

As such, if the transaction size is calculated based on the acquisition of the entire issued and sold shares in Permata, the size of this Transaction is equal to IDR 37,772,911 million (approximately THB 82,624 million or USD 2,558 million), according to Permata’s latest financial statements and the foreign exchange rate as at May 20, 2020.