Teh’s extra oomph for Public Bank

PUBLIC Bank Bhd, which has firmly etched itself in the banking sector as the most prudent financial institution in the country, surprised the market when it proposed a RM5bil rights issue.

It is the bank’s first cash call in 17 years and the largest by a local financial institution in recent years.

Adding spice to the fund-raising exercise is the fact that Public Bank’s founder and chairman, Tan Sri Teh Hong Piow, who owns 24.08% of the bank, has undertaken to subscribe his entitlement in full. This would mean that the 84-year-old Teh will be pumping in approximately RM1.2bil of his money for the exercise.

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