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StanChart 'asked to buy back Phoon Huat stake'
Blackstone and LGT, which bought 60% of the S'pore firm for US$50m last July, want their money back after the bank fires top execs managing the investment
Add BT as a preferred sourcePublished Wed, May 17, 2017 · 09:50 PM
London
STANDARD Chartered plc, the lender trying to wind down its private-equity unit, faces pressure from two of the world's biggest asset managers to buy back the stake in a Singaporean food company it sold them less than a year ago, people familiar with the matter said.
Blackstone Group LP and LGT Capital Partners AG spent about US$50 million last July buying 60 per cent of Phoon Huat & Co from Standard Chartered Private Equity (SCPE), the people said.
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