The price seemed steep at first. However, it turned out that it was bought by the consortium with a controlling stake in Permata - which consists of Standard Chartered Bank and IndonesiaÆs leading car manufacturer Astra International. The consortium bought the entire Rp1.75 trillion $193 million block of shares and was keen to make sure nobody else would come in and disrupt their plans for the bank.
This would have been particularly important, analysts note, as certain corporate decisions...
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