Consolidated Teh Holdings Sdn Bhd (ConTeh) is undertaking a restricted offer for sale (ROFS) for a portion of its share in Public Bank Bhd.

ConTeh representative Diona Teh Li Shian said the ROFS exercise, which will be done over the next five years and in compliance with the Financial Services Act, will distribute a portion of ConTeh's Public Bank shares at a discount to all its employees, directors and eligible shareholders.

"My father often said that the success of Public Bank was not his alone, it is built on the trust and loyalty of its shareholders and the relentless commitment of its employees or as he would like to call them his 'corporate family'.

"So, to honour his legacy and to show our deep appreciation and gratitude, we will be undertaking this exercise to ensure Public Bank remains in the hands of those who have nurtured its growth and success over the years, enabling us to continue building our legacy together," Teh said during a conditional sales and purchase signing ceremony between Public Bank Bhd and LPI Capital Bhd earlier today where Public Bank is acquiring 44.15% in LPI Capital for a total cash consideration of RM1.72 billion.

The proposed acquisition allows Public Bank to further expand its general insurance segment into the Malaysian market and establish an immediate market presence and a strong foothold in the general insurance segment in the country.

Teh stressed that this exercise will only reiterate its firm and unwavering commitment to continue as the major shareholders of Public Bank, instead of a role or title for them.

"We are devoted to upholding my father's legacy and continuing the stewardship of this esteemed institution.

"For this, we are deeply grateful to Bank Negara Malaysia and the Finance Ministry for their trust in us by granting us the approval to continue helming Public Bank," Teh said.