KUALA LUMPUR (Dec 12): Following the passing of LPI Capital Bhd’s founder and chairman Tan Sri Dr Teh Hong Piow on Monday (Dec 12), the insurer’s counter sat at the top of Bursa Malaysia’s losers list after its share price fell 32 sen or 2.44% to close at RM12.80.
At RM12.80, LPI Capital has a market capitalisation of RM5.1 billion. Year to date, the counter has fallen 8.96%.
Teh, also known for being the founder of Public Bank Bhd, passed away at 10.20am on Monday at the age of 92.
According to LPI Capital’s bourse filing, Teh was appointed as chairman of the insurer on Sept 27, 1971, and held the position until his passing on Monday.
“Tan Sri Teh’s distinctive leadership and vision had enabled LPI Group to gain recognition as a premier insurance group in the region,” LPI Capital said, adding that its founder’s guidance and encouragement had driven the success of the group.
“The board, management and staff of LPI Group would like to pay a special tribute for the immeasurable contributions Tan Sri Teh had made to LPI Group. LPI Group has lost a visionary chairman and his legacy will always be remembered by the group,” LPI Capital said.
Meanwhile, shares in Public Bank finished one sen or 0.23% lower at RM4.40 on Monday, giving the group a market capitalisation of RM85.41 billion. There were 25.9 million shares traded.
Teh held a 0.64% direct stake in Public Bank as well as an indirect stake of 21.64% via his private investment vehicle Consolidated Teh Holdings Sdn Bhd.
As for LPI Capital, Teh directly held 1.41%, and also indirectly held 42.74% of the insurer via Consoldiated Teh Holdings.