Grab and Singtel paid US $35m each so that they could each own a 16% stake in PT Bank Fama. The initial argument was that IOU should have invested the same amount allowing them to expand into Indonesia instead of buying a stake in IDSB. I countered this argument by stating that the financial position of the bank was not as good as IDSB.
The Grab and Singtel investment totalling US $70m or 1 trillion Rp actually gives PT Bank Fama the minimum 2 Trillion Rp liquidity requirement to remain licensed as a bank.
In short, the comparison was about what $40m+ buys in SEA. In my opinion, the Grab and Singtel acquisition validates the amount that IOU paid for IDSB. My opinion only of course.
$1 Club, page-28507
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