PETALING JAYA: The family of the late Tan Sri Teh Hong Piow has trimmed their stake in Public Bank Bhd
.
In a statement to the local stock exchange, Public Bank said Teh’s family had disposed of 50 million shares, equivalent to 0.26% through Consolidated Teh Holdings Sdn Bhd, which is part of Teh’s estate.
Post-disposal, the family now owns 4.27 billion shares or a 22.02% stake.
At the end of February this year, the family held a 22.28% stake.
According to previous reports, the family has to gradually reduce its stake to 10% within five years through a restricted offer for sale (ROFS) to comply with the Financial Services Act.
The other major shareholder of the bank is the Employees Provident Fund, which holds 3.47 billion shares or a 17.86% stake.
