Public Bank to Buy Late Founder’s LPI Stake for $400 Million
- Late founder and Consolidated Teh own 44.15% of LPI Capital
- LPI has risen 9% this year, has a market value of $1.2 billion
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Public Bank Bhd. said it is buying its late founder Teh Hong Piow’s family stake in the owner of Lonpac Insurance Bhd. for 1.72 billion ringgit ($400 million).
Malaysia’s second-biggest lender by market value is paying in cash for the family’s 44.15% interest in LPI Capital Bhd., it said in a bourse filing on Thursday. The deal confirms a report from Bloomberg News on Wednesday.