LPI Capital Bhd (LPI) is an investment holding company. The company underwrites a range of general insurance products for individuals and businesses through its subsidiary, Lonpac Insurance Bhd (Lonpac).
The bank will pay 9.80 ringgit for each LPI Capital share held by Teh’s family and their investment vehicle Consolidated Teh Holdings, representing a 25% discount to the last traded price of Lonpac Insurance’s parent before trading was suspended on Wednesday. The transaction will require Public Bank to buy the rest of LPI Capital. PBB shares dropped 4.8% to 4.35 ringgit, while LPI shares slipped 3.2% to 12.58 ringgit in late morning trading on Friday in KuaLa Lumpur.
Separately, the estate of PBB’s late founder (who passed away in 2022 at the age of 92) plans to sell a portion of their shares in Public Bank shares over a five-year period, his daughter, Teh Li Shian, was quoted as saying in local media reports.
The family along with its investment firm Consolidated Teh Holdings, owns about 22% stake of the bank. That accounts for the bulk of their net worth of $5.4 billion, making them the third richest family in Malaysia.
The bank will pay 9.80 ringgit for each LPI Capital share held by Teh’s family and their investment vehicle Consolidated Teh Holdings, representing a 25% discount to the last traded price of Lonpac Insurance’s parent before trading was suspended on Wednesday. The transaction will require Public Bank to buy the rest of LPI Capital. PBB shares dropped 4.8% to 4.35 ringgit, while LPI shares slipped 3.2% to 12.58 ringgit in late morning trading on Friday in KuaLa Lumpur.
Separately, the estate of PBB’s late founder (who passed away in 2022 at the age of 92) plans to sell a portion of their shares in Public Bank shares over a five-year period, his daughter, Teh Li Shian, was quoted as saying in local media reports.
The family along with its investment firm Consolidated Teh Holdings, owns about 22% stake of the bank. That accounts for the bulk of their net worth of $5.4 billion, making them the third richest family in Malaysia.
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