KUALA LUMPUR: The share prices of Public Bank Bhd and LPI Capital Bhd opened lower today following the bank's announcement of its plan to acquire a 44.15 per cent stake in LPI.
At 9:17 AM, Public Bank's share price fell 3.06 per cent, or 14 sen, to RM4.43. The share had opened 10 sen lower at RM4.47, compared to Thursday's closing price of RM4.57.
LPI's shares also declined, falling 3.23 per cent, or 42 sen, to RM12.58 from its previous closing price of RM13. The stock had opened 40 sen lower at RM12.60.
On Thursday, Public Bank announced its RM1.72 billion cash acquisition of a 44.15 per cent stake in LPI from the family of the late Tan Sri Teh Hong Piow, the bank and LPI's founder.
The acquisition price of RM9.80 per share represents a 25 per cent discount to LPI's last traded price of RM13 before trading was suspended for the stock pending the acquisition announcement.