Jardine Cycle & Carriage to sell shares in Bank Permata for $1.53b

Proceeds will be used for investment purposes.

Jardine Cycle & Carriage’s (JC&C) subsidiary Astra International will sell all of its shares in Indonesia-based Bank Permata to Bangkok Bank for $1.53b, an SGX filing revealed. JC&C holds 44.56% of Bank Permata.

The company will use the net proceeds for its investment purposes.

The market value of the shares was based on the volume weighted average price (VWAP) of approximately 12 cents (IDR1,273) per Bank Permata share for all trades done on 11 December.

The carrying value of the shares is at $986.63m (US$729.7m), which will translate to a gain from the disposal of about $816.26m (US$603.7m). The net profit attributable to the disposal will be about $47.32m (US$35m).

At the same time, Standard Chartered Bank (SCB) will also divest its shares in Bank Permata to Bangkok Bank.