KUALA LUMPUR, Oct 10 (Bernama) -- Shares of Public Bank Bhd and LPI Capital Bhd will resume trading with effect from 9 am tomorrow, according to separate filings from the two companies to Bursa Malaysia.
“Trading in the structured warrants relating to Public Bank will also resume at the same time,” said Public Bank.
Both counters were suspended for two days -- yesterday and today -- pending a major announcement.
At a press conference held today, the country's third largest banking group by assets disclosed its plan to acquire a 44.15 per cent stake in LPI Capital for RM1.72 billion in cash, or RM9.80 per share.
The proposed acquisition would enable the bank to provide a comprehensive complementary service to its current financial services, it said.
The bank’s managing director and chief executive officer Tan Sri Tay Ah Lek said the move was also in line with the group’s plan to expand beyond just organic growth, but also through strategic acquisitions.
Public Bank has a cash reserve of RM12.4 billion at present.
As of Oct 8, 2024, LPI’s market capitalisation stood at RM5.2 billion, while Public Bank’s was at RM88.7 billion.
At the closing bell on Tuesday, Oct 8, Public Bank shares rose one sen to RM4.57 with 12.18 million shares traded, while LPI shares jumped 22 sen to RM13.00 with 68,100 shares changing hands.
-- BERNAMA
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