Volkswagen Bank will have a significant announcement, reportedly involving Lunping.
$PBBANK (1295.MY)$ There will be a "significant announcement" on Friday, apparently planning an acquisition activity, potentially involving $LPI (8621.MY)$ 。
According to the financial website "The Edge" report, although it is currently unclear which company is involved, industry sources say that this potential acquisition may be closely related to Lund Ping.
After the news came out, the stock quickly rose to 13.08 ringgit in the afternoon, an increase of more than 2.3%, marking the largest single-day increase since August 21.
By the close of trading, Lund Ping retraced some of its gains, closing at 13 ringgit, up 22 cents or 1.72% for the day, with a market cap of 5.179 billion ringgit.
Zheng Hongbiao's estate integration?
According to Lund Ping's annual report, as of January this year, the late Tan Sri Zheng Hongbiao, also the founder of Public Banks, through his private investment company - Chengshi Joint Holding, held 42.74% of the company.
Based on the closing price, the value of Cheng Shi Joint Holding's shares is estimated to be over 2.2 billion ringgit.
In addition, Zheng Hongbiao also directly holds 1.31% of Lund Ping's shares; another major shareholder of Lund Ping is Sompo Japan Insurance Company, holding 7.76% of the shares.
As for Public Banks, as of the end of February, Chengshi Joint Holding holds 21.64% of the bank's shares; he directly holds 0.64%, Lund Ping holds 1.1%.
According to CTOS data, almost all the equity of the Cheng's Joint Holding is held by Zheng Hongbiao, with only one share held by Zheng Meiling (translated sound).
In addition, Zheng Meiling, Zheng Hongbiao's youngest daughter Zheng Lixian, Cai Xiuchuan (translated sound), and Zheng Caiping (translated sound) are all listed as directors or executives of Cheng's Joint Holding.
Looking back at Lonpac, wholly-owned Lonpac Insurance is responsible for insurance business in Malaysia and Singapore, and holds 45% of the shares in Campu Lonpac Insurance Company in Cambodia.
According to the company's financial report, Lonpac's net profit in the first half of the year (up to June) increased by 30.7% to 1.07929 billion ringgit, and is bullish on government increasing spending on the semiconductor industry, building manufacturing capacity, and expanding public infrastructure, expecting to boost demand for insurance services in the next few quarters.
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📝【Contributing Journalist】Yang Huiping
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Source: Nanyang Business Times
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