Business activities are not well received, PBBANK and LPI resumed trading and immediately fell.
Business activities faced market resistance, both PBBANK and LPI fell 3% in the morning session.
(Kuala Lumpur, 11th) The market has a negative view of Public Bank. $PBBANK (1295.MY)$ and RHB $LPI (8621.MY)$The corporate activities announced yesterday resulted in both stocks opening significantly lower, decreasing by around 3%.
As of 9:30 a.m., Public Bank was reported at 4.42 ringgit, down 15 cents or 3.28%, lingering at a low level in the morning session.
The stock price of Renping, which was acquired at a low price, fluctuated more intensely, dropping 38 cents or 2.92% to 12.62 ringgit as of 9:30 a.m.
Public Bank and Renping had halted trading for two days and announced an acquisition plan yesterday. Public Bank made an offer of 1.7 billion ringgit to acquire 44.15% of Renping's stake from the family of the late Tan Sri Tay Hong Beng, the founder and major shareholder of both companies.
The acquisition price of 9.80 ringgit per share is 25% cheaper than the market price, triggering resistance in the market.
On the other hand, the Lim family also announced a gradual reduction of their shareholding in Public Bank to 10% over the next 5 years to comply with national regulations.
According to the annual report of Public Banks, the Zhengs family currently holds 21.64% of the shares of Public Banks; the 11.64% of shares sold will be worth more than 10 billion ringgit.
Source of information: Nanyang Siang Pau
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