Malaysia’s Public Bank acquiring all shares of insurer LPI Capital

It will buy a 44.15% equity interest in the insurer for RM1.72b, and then extend a mandatory general offer.

Public Bank announced that it will be acquiring all shares of LPI Capital.

The Malaysian bank announced that it will first buy a 44.15% equity interest in general insurer LPI Capital for RM1.72b (approximately $401.27m), or RM9.8 per share, according to a bourse filing on 10 October 2024.

The LPI shares— which are over 175.89 million— are from the estate of the late Tan Sri Dato' Sri Dr. Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd.

Public Bank will also extend a mandatory general offer to acquire all remaining LPI shares at a cash offer of RM9.8 per LPI share, subject to adjustments.

The bank said that it will serve a notice of the proposed MGO to the board of directors of LPI at a later date.