KUALA LUMPUR (Oct 10): Consolidated Teh Holdings Sdn Bhd and the estate of the late Tan Sri Teh Hong Piow — the largest shareholders of Public Bank Bhd (KL:PBBANK) — will undertake a restricted offer for sale of shares in the company to eligible employees, investors and directors.

Consolidated Teh Holdings is a private vehicle of the Teh family.

Diona Teh Li Shian said the corporate exercise will span over a five-year period and in compliance with the Financial Services Act. 

The restricted offer for sale will see the Teh family trimming its shareholdings in Public Bank to 10%.

Currently, the estate holds a 23.41% stake in the bank, of which 22.77% is held via Consolidated Teh Holdings (as at Feb 29), based on the bank’s latest annual report.

Details of the restricted offer for sale will be announced later.

“My father often said that the success of Public Bank was not his alone — it was 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,”  said Li Shian, the youngest daughter of the late founder.

“To honour his legacy and to show our deep appreciation and gratitude, we will be undertaking an exercise to distribute a portion of our Public Bank shares at a discount to all employees, directors and eligible shareholders of the Public Bank group. This initiative aims to ensure that 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,” she said at a press conference on Thursday.

“Although we will be streamlining our stake, I would like to take this opportunity to reiterate our firm and unwavering commitment to continuing as the major shareholders of Public Bank. This is not just a role or title for us — it is an honour and a responsibility that we deeply cherish. 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 Ministry of Finance for their trust in us by granting us the approval to continue helming Public Bank. With their support, we will perform our utmost best to lead Public Bank with the same passion, integrity, and vision that has defined the Public Bank group thus far,” she added.

When asked by the press if she would be interested in joining the bank's board, Li Shian replied that the management team will maintain the status quo.

“Teh’s family does not have any plan to join the board. Public Bank has been led by [managing director and chief executive officer] Tan Sri Tay [Ah Lek], and it has been a very dedicated team for years. Currently, we do not see any change in this, and we look forward to him leading the team going forward,” said Li Shian.

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