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Public Bank to acquire 44.15% LPI Capital stake for RM1.72 bil cash | Scoop

05102023 - Public Bank - Alif Omar_3 — Public Bank Bhd has proposed to acquire a 44.15% stake in LPI Capital Bhd for RM1.72 billion in cash. – Alif Omar/Scoop file pic, October 10, 2024

Public Bank to acquire 44.15% LPI Capital stake for RM1.72 bil cash

Tan Sri Tan Ah Lek says this would provide comprehensive complementary service to bank’s current financial services

Updated 10 October, 2024

10 October, 2024

4:11 PM MYT

KUALA LUMPUR – Public Bank Bhd has proposed to acquire a 44.15% stake in LPI Capital Bhd, comprising 175.9 million shares, for RM1.72 billion in cash.

Managing director and chief executive officer Tan Sri Tay Ah Lek said the proposed acquisition would provide a comprehensive complementary service to the bank’s current financial services.

“This proposed acquisition is also in line with the group’s plan to expand beyond just organic growth, but through strategic acquisitions,” he told a press conference here today.

Public Bank, the country’s third largest banking group by assets, has a cash reserve of RM12.4 billion at present.

As of October 8, 2024, LPI’s market capitalisation stood at RM5.2 billion, while Public Bank’s was at RM88.7 billion. – October 10, 2024

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