KUALA LUMPUR (Oct 10): Public Bank Bhd (KL:PBBANK), the third-largest banking group in Malaysia by assets, is acquiring a 44.15% stake in Main Market-listed LPI Capital Bhd (KL:LPI) for RM1.72 billion or RM9.80 per LPI share, in cash, from Consolidated Teh Holdings Sdn Bhd as well as the estate of the late Tan Sri Teh Hong Piow, the founder of Public Bank.

Public Bank said the acquisition price tag implied a price-to-book ratio of 1.71 times and price-to-earnings ratio of 12.41 times.

The acquisition is translated into a discount of 24.62% when compared to LPI's latest closing market price of RM13. 

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