KUALA LUMPUR: The estate of the late Tan Sri Dr Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (ConTeh) plan to undertake a restricted offer for sale of a portion of their Public Bank Bhd shares.
This will be done progressively over a five-year period and in compliance with the Financial Services Act.
The intention was announced by Diona Teh Li Shian, the Public Bank founder's youngest daughter, during the signing of a strategic stake acquisition in LPI Capital Bhd by the bank here today.
She said the limited offer involves the distribution of a portion of Public Bank shares at a discounted price to all eligible staff, directors and shareholders of the banking group.
The initiative aims to ensure that Public Bank remains in the hands of those who have consistently supported its growth and success over the years, allowing it to continue building its legacy together.
"My father often said that the success of Public Bank was not his alone – it is built on the trust and loyalty of its shareholders and the relentless commitment of its employees, or as he would like to call them his 'corporate family'.
"To honour his legacy and to show our deep appreciation and gratitude, we will be undertaking an exercise to distribute a portion of our Public Bank shares at a discount to all employees, directors and eligible shareholders of the group," she said.
Athough the estate and ConTeh will streamline their interests, Li Shian reaffirmed their firm and unwavering commitment to remain as the major shareholders of Public Bank.
"This is not just a role or title for us – it is an honour and a responsibility that we deeply cherish.
"We are devoted to upholding my father's legacy and continuing the stewardship of this esteemed institution," she said.
She expressed gratitude to Bank Negara Malaysia and the Finance Ministry for the approval to continue leading Public Bank.
The Teh family will reduce its stake in Public Bank to 10 per cent through the restricted offer for sale.
As of Feb 29 this year, the family owned a 23.41 per cent share in the bank, with 22.77 per cent held via ConTeh, according to the bank's most recent annual report.
Further details about the restricted offer will be announced at a later date.