Malaysia's Public Bank To Buy Late Founder's Stake In Insurance Company For $400 Million [Forbes]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Source: Forbes
it is buying a 44.15% stake in LPI Capital from the family of its late founder Teh Hong Piow for 1.72 billion ringgit ($400 million). 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. “The proposed acquisition represents an opportunity for PBB to further expand its general insurance segment through the LPI Group's platform,” Public Bank said in a regulatory filing . The deal would also help the lender achieve its goal of becoming a universal bank offering comprehensive financial services to its customers. Separately, the estate of PBB's late founder (who passed awa
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