Public Bank To Acquire 44.15 Pct Stake In LPI Capital For RM1.72 Bln Cash

KUALA LUMPUR, Public Bank Bhd has proposed to acquire a 44.15 per cent 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 Oct 8, 2024, LPI's market capitalisation stood at RM5.2 billion, while Public Bank's was at RM88.7 billion. Source: BERNAMA News Agency