Malaysia’s Public Bank To Buy Late Founder’s Stake In Insurance Company For $400 Million



Public Bank ( 1295 ) to acquire 44.15% stake in
LPI Capital (8621) for RM1.72 bil cash



Public Bank Bhd (1295)

Ex-Dividend Date	Dividend	Payment Date	Yield
Sep 10, 2024	0.10	Sep 23, 2024	4.17%
Mar 13, 2024	0.10	Mar 22, 2024	4.41%

LPI Capital (8621)

Ex-Dividend Date	Dividend	Payment Date	Yield
Sep 04, 2024	0.30	Sep 13, 2024	5.22%
Mar 11, 2024	0.40	Mar 20, 2024	5.21%

**Company Name**	PUBLIC BANK BERHAD
**Company Registration No.**	0006463H / 196501000672
**Nature of Business**	ENGAGED IN ALL ASPECTS OF COMMERCIAL BANKING AND THE PROVISION OF RELATED FINANCIAL SERVICES
**Date of Registration**	1965-12-30
**State**	WILAYAH PERSEKUTUAN

**Company Name**	LPI CAPITAL BHD.
**Company Registration No.**	0004688D / 196201000175
**Nature of Business**	INVESTMENT HOLDING
**Date of Registration**	1962-05-24
**State**	WILAYAH PERSEKUTUAN

Company Name	PUBLIC ISLAMIC BANK BERHAD
Company Registration No.	0014328V / 197301001433
Nature of Business	ISLAMIC BANKING AND THE PROVISION OF RELATED FINANCIAL SERVICES
Date of Registration	1973-07-05
State	WILAYAH PERSEKUTUAN

Oct 10, 2024

Public Bank Bhd (PBB)—Malaysia’s second-largest lender by market value—said Thursday it is buying a 44.15% stake in LPI Capital from the family of its late founder Teh Hong Piow for 1.72 billion ringgit ($400 million).

The bank will pay 9.80 ringgit for each LPI Capital share held by Teh’s family and their investment vehicle Consolidated Teh Holdings, representing a 25% discount to the last traded price of Lonpac Insurance’s parent before trading was suspended on Wednesday.


The transaction will require Public Bank to buy the rest of LPI Capital. PBB shares dropped 4.8% to 4.35 ringgit, while LPI shares slipped 3.2% to 12.58 ringgit in late morning trading on Friday in KuaLa Lumpur.


“The proposed acquisition represents an opportunity for PBB to further expand its general insurance segment through the LPI Group’s platform,” Public Bank said in a regulatory filing. The deal would also help the lender achieve its goal of becoming a universal bank offering comprehensive financial services to its customers.

Separately, the estate of PBB’s late founder (who passed away in 2022 at the age of 92) plans to sell a portion of their shares in Public Bank shares over a five-year period, his daughter, Teh Li Shian, was quoted as saying in local media reports.


The family, along with its investment firm CONSOLIDATED TEH HOLDINGS SDN. BHD. , owns about 22% stake of the bank. That accounts for the bulk of their net worth of $5.4 billion, making them the third richest family in Malaysia, according to the list of Malaysia’s 50 Richest published by Forbes Asia in April.

The late Teh Hong Piow founded Public Bank in 1966 and served as the bank’s CEO until 2002 when he was appointed chairman.


The self-made billionaire started his banking career as a clerk at Oversea-Chinese Banking Corp. in Singapore in 1950.


With our existing network of over **** 260 branches located throughout the country, ******* LPI Group would be able to leverage and expand its distribution channels and further grow its general insurance business in Malaysia. In addition, we would also be able to tap into the sales and distribution network of LPI and further expand our reach to cover clients and customers of LPI.


*******************************
At the same press conference, Teh Li Shian Diona, the youngest daughter of the late Tan Sri Dato’ Sri Dr. Teh Hong Piow also announced that the Estate and ConTeh intends to undertake a restricted offer for sale (“ROFS”) of a portion of their Public Bank Shares, progressively over a 5-year period and will be in compliance with the Financial Services Act.
*******************************

Public Bank



Diona Teh said, “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”.


******* “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 further added that, “Although we will be streamlining our stake, I would like to take this opportunity to reiterate our firm and unwavering commitment to continue 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 PBB group thus far.”



A decade later, Teh joined Malayan Banking where he rose through the ranks to become general manager at age 34.
































Tan Sri Azman Hashim (age 85) holds three billion, nine hundred ten million, six hundred ninety thousand, thirty-one shares in AmBank Bhd, equivalent to 11.83%.




Teh was allowed to hold 23.4%, which is way above the threshold of 10%, because of the “grandfather rule”.

Under the rule, those who already had an interest exceeding the threshold when the FSA came into effect in 2013 do not need to comply with it.




This post has been edited by plouffle0789: Oct 12 2024, 11:42 PM

400 mil, dun want? Keep until how much then sell? Later Madani songlap all, give you back a few sen.

Simple. They do not trust the next generation to helm the bank. Better to let the board handle the bank

Cash out scheme

Pasal takot inheritance tax

best char siu showever. u all dun jeles. he surely have many ther name in other businesses. broke 3 legs oso no woli

Still worth buy?

left hand to right hand , do accounting stuff only la

The only question that matters.

Founding family also cabut, hard to have confidence

wealth tax inkambing

Public Bank Bhd (PBB) is purchasing a 44.15% stake in LPI Capital from the family of its late founder, Teh Hong Piow.


The stake is being sold by the family and their investment vehicle, Consolidated Teh Holdings, for 1.72 billion ringgit ($400 million).


This means that Teh's family is selling the stake to PBB (LPI Capital is also owned by the family through Consolidated Teh Holdings).

The transaction will prompt PBB to acquire the remaining shares of LPI Capital.

********* PBB is also owned by the family through Consolidated Teh Holdings, which holds a 22% stake in the bank. *******




Teh's Family & Consolidated Teh Holdings
↓
Ownership
↓
44.15% stake in LPI Capital

And

22% stake in Public Bank Bhd (PBB)

-------------------------------------------------------------------


PBB
↓
Purchases
↓
44.15% stake in LPI Capital from Teh's family & Consolidated Teh Holdings


Transaction Outcome:

PBB acquires full ownership of LPI Capital

Teh’s family retains a 22% stake in PBB


Explanation:

Teh's Family owns stakes in both LPI Capital (through Consolidated Teh Holdings) and Public Bank Bhd (PBB).

The 44.15% stake in LPI Capital is sold to PBB for 1.72 billion ringgit.

After this purchase, PBB will be required to acquire the remaining shares of LPI Capital.

Even though Teh's family is selling its stake in LPI Capital, they will still hold a 22% stake in PBB through Consolidated Teh Holdings.

This post has been edited by plouffle0789: Oct 12 2024, 11:36 AM

Since Public Bank Bhd is purchasing the stake in LPI Capital using cash (1.72 billion ringgit), the cash reserves of Public Bank Bhd will be reduced.


There was no mention of a share exchange between LPI Capital Bhd and Public Bank Bhd in the transaction.

This post has been edited by plouffle0789: Oct 12 2024, 11:11 AM

because LPI under teh family has no synergy since the daughter is not the managing director/chairman of pbbank, better sell it off to PBBank and cash out from it

Teh family have 44.15 % stake in LPI.

They can appointed one of them into board of director but they do not request......

400 mil can live a lavish life until death

no need to work, no need to care about anything.

why not?

Even public bank wanna tunggang the Islamic Banking concept nowadays.

This post has been edited by yongku99: Oct 12 2024, 11:57 AM

because no one else will buy

ingat mahu bank ke?...

saja mahu semua client, then "transfer" over mana bagus, mana lembik...let it rot/die/negative kat sana....

also, amik nama PB, transfer offshore business balik to kedai sendiri.....
Siapa LP?...oh...kita PB jugak....2-3 years later...
PB name can RIP.

1.72 BILLION ringgit. your whole family until great grandchildren punya great grandchildren will NEVER have to work a day anymore.

Why both of them look like work in a morgue?

Daughter looks hnnghhh

I wanna marry her

dato teh hong piow is shaking head.

Low profile orang kaya

Dad build up the company for so long, then came his children go sell pulak?



This post has been edited by MRaef: Oct 12 2024, 12:41 PM

cash out, teh family not interested with the business, just unlock their wealth to do what they like

they have to sell. Financial Act doesnt allow any one individual or group to control more than 10% in a bank, the founder owned 23% stake in pbb because he was "grandfathered clause" in, but once he passed, the heirs have to follow this rule.

https://www.bernama.com/en/news.php?id=2350140

This post has been edited by diffyhelman2: Oct 12 2024, 12:45 PM

That wealth can let at least 2 generations without working at all. Why want to headache with growth, managing the business, employees, external pressures...

Fold hands watch Netflix everyday nia...

why 2 generations? its 1.7bil. i would say 6 gen, minimum. i jus cincai kira you spend 200mil for 1 generation (live until 100yr old) , without earning interest / dividend.

Wrong. The family will still own the maximum allowed limit of 10% in the parent bank pbb. Financial services act gave a grandfather exemption to teh, hong leong bank quek and ambank founder to own way more than that but it was made clear once they RiP the exemption no longer applies.

Pbb had more than 12 billion cash in hand before the deal. After the deal still got 10 billion. The reduction in capital ratio resulting from this deal is from 15% to 14.3%, comparable with maybank and DBS. In addition this deal is good for pbb because it lets them expand in their insurance business and is earnings accretive to their bottom line.

This post has been edited by diffyhelman2: Oct 12 2024, 01:14 PM

it takes one or two cb kana scam by syndicate like jho low then all GG already

huat ah

I assume got 1 generation is charsiew

haha fair enough...

teh hong piow children not interested in inheriting the bank's legacy

was told this during my day with pbb

1. Increased the asset of PBB. Harder for the others to M&A.
2. In case M&A of PBB took place, they gets to sell both at premium.

1.72Billion you think alot but not actually a lot … spend alone maybe cannot finish … with charsiew and grand charsiew … 10B also not enough …

Lol who even dare to consider m&a the second largest bank in Malaysia? Unless there is a shtf crisis. Also bnm unlikely to approve any merger of such large bank. Smaller bank like alliance bank is much likelier target.

This post has been edited by diffyhelman2: Oct 12 2024, 01:54 PM

nothing is held on forever

even warren buffet is now on a selling spree

Everybody knows why the family holding needs to pave down and to who la..

First day?

This post has been edited by jojolicia: Oct 12 2024, 02:03 PM

Everybody knows why the family holding needs to pave down and to who la..

First day?

This post has been edited by jojolicia: Oct 12 2024, 02:02 PM

You read the comments, most don’t know unless they follow the bank stock news. The big one is hong leong when quek RiP. He owns 60% of the stock. How to dump 50% of the outstanding shares into the market… crazy. At least with pbb they only need to sell 13% of the shares over five years, no problem for the market to absorb.

Hnnnghhhhh milf

u think teh daughter can masuk BOD without banker license?

Yeah I read. Get what you mean.

Side track a bit.

Here we have this.
Malaysia’s Public Bank To Buy Late Founder’s Stake In Insurance Company For $400 Million

While the on other side, we have OCBC plans to do 'kinda' opposite on GE.


🤔

This post has been edited by jojolicia: Oct 12 2024, 03:19 PM

They already got more than the buyout value thru dividends all these years.

and in the process pocketed some cash to spend at pasar malam & buy ip16 & new BYD Seal

Who purchase who now? No ur statement confuse me.

The bank gonna acqirw lpi, not the other around right?

Teh family own 23% of public bank berhad and 44% of lpi. Teh family going to sell their entire stake of lpi to pbb. Since they still own a big portion of pbb you could say they just consolidating their holdings into pbb.

However, in the same press conference, they also announce that teh family going to gradually reduce their stake in pbb from 23% to 10%over five years, which is due to the bnm rule that does not allow the any one group to own more than 10% of a bank.

Company Name	PUBLIC ISLAMIC BANK BERHAD
Company Registration No.	0014328V / 197301001433
Nature of Business	ISLAMIC BANKING AND THE PROVISION OF RELATED FINANCIAL SERVICES
Date of Registration	1973-07-05
State	WILAYAH PERSEKUTUAN

Since 1973 existed lah.....

Public bank main insurance business is AIA takaful. And their staff a lot is malay

This post has been edited by diffyhelman2: Oct 12 2024, 08:17 PM

Singapore-based Oversea-Chinese Banking Corporation (OCBC) has made a S$1.4bn ($1.03bn) offer to acquire the remaining shares of insurance company Great Eastern Holdings.

The offer price of S$25.6 per share marks a 36.9% premium over Great Eastern’s last stock close of S$18.7.

This proposed acquisition would increase OCBC's stake in Great Eastern to 100%, up from the current 88.44%.



Ocbc always have at least 80 percent stake in GE...

You can check 10 years ago annual report also

maybe they are not interested on managing, they can just collect dividend until generations.

I think they need a younger CEO, uncle teh also 80s, any thing can happen at that age

**Name**	**CHEAH KIM LING**
**Position**	Non-Independent Non-Executive Director
**Age**	66
**Memberships of Board Committees**	- Member, Nomination and Remuneration Committee<br>- Member, Risk Management Committee<br>- Member, Compliance Committee
**Academic/Professional Qualifications**	- Bachelor of Accounting (Honours) degree from the University of Malaya<br>- Chartered Accountant of the Malaysian Institute of Accountants
**Relevant Experience**	Ms. Cheah served Bank Negara Malaysia for 32 years, where she was involved in banking regulation, policy formulation, and administration of financial legislations. She also contributed to the development of payment systems, infrastructure, and the promotion of electronic payments.
**Present Directorship(s) in Other Public Companies**	Nil
**Board Meetings Attendance in 2023**	16/16

---------------------------------------------------------

**Name**	**Lee Chin Guan**
**Position**	Non-Independent Non-Executive Director
**Age**	65
**Memberships of Board Committees**	- Member, Nomination and Remuneration Committee<br>- Member, Risk Management Committee<br>- Member, Compliance Committee
**Academic/Professional Qualifications**	- Barrister-at-Law from the Middle Temple, United Kingdom<br>- Bachelor’s Degree in Science (Honours) from the University of Manchester Institute of Science & Technology, England<br>- Degrees in Law from Cambridge University, Oxford University, and Chicago-Kent College of Law
**Relevant Experience**	Mr. Lee has 25 years of experience in legal matters, with 13 years in legal practice, principally in commercial and corporate matters.
**Present Directorship(s) in Other Public Companies**	Public Bank Group:<br>- Director, Public Bank (Hong Kong) Ltd<br>Other Public Companies:<br>- Director, Lonpac Insurance Bhd<br>- Director, Public Financial Holdings Ltd (listed on the Stock Exchange of Hong Kong)<br>- Director, LPI Capital Bhd (listed on the Main Market of Bursa Malaysia)

He is a lawyer....


------------------------------------------------------------------------

**Name**	**THAM CHAI FHONG**
**Position**	Independent Non-Executive Director
**Age**	67
**Memberships of Board Committees**	- Chairperson, Compliance Committee<br>- Member, Nomination and Remuneration Committee<br>- Member, Audit Committee<br>- Member, Risk Management Committee<br>- Member, Board Sustainability Management Committee
**Academic/Professional Qualifications**	- Bachelor of Science (Honours) degree in Mathematics from the University of Malaya<br>- Postgraduate Diploma in Computer Science from University of Malaya
**Relevant Experience**	Ms Tham possesses extensive experience in IT systems, capabilities, and applications from her 26-year tenure in IT functional areas in one of the largest banking groups in Malaysia.
**Present Directorship(s) in Other Public Companies**	Nil
**Board Meetings Attendance in 2023**	16/16

These three directors do not have the 'Chartered Banker of the Chartered Banker Institute (CBI), United Kingdom' qualification, but all three are also directors of Public Bank Berhad.


One is a lawyer, and another is in the IT field.

There are a total of 9 directors at Public Bank Bhd.

Not all have" banker license".


"Member of Asian Institute of Chartered Bankers" ----- Is this your so called banker license?

This post has been edited by plouffle0789: Oct 12 2024, 08:36 PM

lol, usually until 3rd generation unless they are smart to preserve it

**No.**	**Age**
1	57 years old
2	58 years old
3	62 years old
4	65 years old
5	66 years old
6	67 years old
7	72 years old
8	80 years old
9	81 years old

The Public Bank board comprises directors aged 57 to 81 years, highlighting a wealth of experience and expertise.


While older directors bring valuable insights from their extensive backgrounds, concerns about succession planning arise due to the senior age range.


Balancing experience with youthful perspectives is crucial for fostering innovation and adaptability.

The PB islamic banking official version started around 2008.

https://www.publicislamicbank.com.my/person...nking/about-us/

Enough to buy a Penthouse in New York, a mega yatch and a 737 private jet only.

1993....

Just 2008 fully owned by public bank Berhad

Public Islamic Bank a wholly owned subsidiary of Public Bank, commenced its operations on 1 November 2008.

Since 1993, Public Islamic Bank has been offering Islamic banking products and services to the public when it started as a window via Public Bank.



We contribute to the Islamic banking field as a whole, focusing on consumer and retail financing, small and medium enterprises as well as financing and deposit taking.

by right if the tehs really need money, public bank should really tekan the price down. maybe 300m. can save 100m.

******************************
At the same press conference, Teh Li Shian Diona, the youngest daughter of the late Tan Sri Dato’ Sri Dr. Teh Hong Piow also announced that the Estate and ConTeh intends to undertake a restricted offer for sale (“ROFS”) of a portion of their Public Bank Shares, progressively over a 5-year period and will be in compliance with the Financial Services Act.
*******************************

Public Bank



Diona Teh said, “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”.


******* “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 is the important things.....



But why they cannot each person hold 5 percent shares?




William Teh Lee Pang

Lillian Teh Li Ming

Lillyn Teh Li Hua

Diona Teh Li Shian

Total 20 percent......


Just sell 2 %




This post has been edited by plouffle0789: Oct 12 2024, 10:22 PM

But why Teh Family cannot each person hold 5 percent shares?


William Teh Lee Pang

Lillian Teh Li Ming

Lillyn Teh Li Hua

Diona Teh Li Shian

Total 20 percent......


Just sell 3.41 %....


The Teh family, through Consolidated Teh Holdings Sdn Bhd and the estate of Teh Hong Piow, holds a 23.41% stake in Public Bank,

making them the largest shareholder of the bank. Based on Public Bank's issued share capital of 19.4 billion shares,


CGS International Securities Malaysia estimates that the Teh family will need to sell 2.6 billion shares.


That accounts for the bulk of their net worth of $5.4 billion, making them the third richest family in Malaysia, according to the list of Malaysia’s 50 Richest published by Forbes Asia in April.

This post has been edited by plouffle0789: Oct 12 2024, 10:26 PM

why Teh Family cannot each person hold 5 percent shares?


William Teh Lee Pang

Lillian Teh Li Ming

Lillyn Teh Li Hua

Diona Teh Li Shian

Total 20 percent......


Just sell 3.41 %....


The Teh family, through Consolidated Teh Holdings Sdn Bhd and the estate of Teh Hong Piow, holds a 23.41% stake in Public Bank,

making them the largest shareholder of the bank. Based on Public Bank's issued share capital of 19.4 billion shares,


CGS International Securities Malaysia estimates that the Teh family will need to sell 2.6 billion shares.


That accounts for the bulk of their net worth of $5.4 billion, making them the third richest family in Malaysia, according to the list of Malaysia’s 50 Richest published by Forbes Asia in April.

can dump if sell at discounted price. sure got taker one la. but mostly institution and transaction oso not done like we retailers have to undergo.

She can be my Wang Aunty

If you sell 50% of the outstanding stock in one go or even over a few months it will crash the price. Even the pbb one, they are spreading out the sale of 13% of outstanding shares over five years.

The bnm 10% rule applies even to family trust. So internally even though all siblings got an equal 5% share, legally the shares still owned by teh estate trust.

The only alternative is to transfer or sell the shares to the children.

The children probably don’t have the cash to buy so much shares outright.

They may be legal and tax reasons why the estate cannot just transfer or gift the shares for free to the children.

Teh himself may have stipulated in his will that he wants the trust to maintain 10% shares in perpetuity. So that there is no danger of charsieu squander away all the wealth. This is very much like tata foundation in India or Rothschild estate.

yes. it will crash the market. maybe a few times limit down. since pbb is index stock, big possibility klci index will go red. i think SC oso will suspend transaction that is done only a few times.

Opss I remembered wrongly. Thanks for the info

i think diona teh at least 60 over oredi. maybe exceeded 70 yr old oredi.

she looks super good for her age
i dont mind
she puts many 40 year olds to shame

Botox. Face lift.

that one picture u know how much make-up she apply onot? if wash away all the make-up, confirm sebijik maciam nenek. u still mau?

1.72b can retire in monaco everyday sip champagne liao

LPI Capital Berhad Acquisition by Public Bank

Public Bank Berhad (PBBANK) is set to acquire a 44.15% stake in LPI Capital from the family of the late Tan Sri Dato' Sri Dr. Teh Hong Piow, for RM1.72 billion (at RM9.80 per share). Once approved, this acquisition will lead to an unconditional general offer for the remaining shareholders.

This price is not attractive for small shareholders of LPI Capital, as the trading price prior to the announcement was RM13 per share, representing a discount of approximately 25%.

Both Public Bank and LPI Capital are controlled by the TEH family. Dr. TEH passed away at the end of 2022, leaving behind 21.64% of Public Bank and 42.74% of LPI Capital, which have been inherited by his descendants through Teh Holdings. This sale was a result of negotiations.

Naturally, it is unlikely that ordinary shareholders would agree to such a low price since LPI Capital is considered a quality stock with generous annual dividends.

The TEH family holds substantial shares, and finding a buyer may not be easy. Additionally, they are also shareholders of Public Bank, meaning that the acquisition benefits them indirectly.


The low price may be seen as a compromise to facilitate the sale. The specific reasons behind this move remain unclear.

During Dr. TEH 's lifetime, rumors circulated about potential acquisitions of Public Bank due to the unique circumstances of the Malaysian banking industry, with banks like Malayan Banking and CIMB reportedly showing interest. However, these rumors never materialized.


Now, two years after his death, the sale of LPI Capital raises questions about whether the family intends to exit the banking and insurance sectors.

In reality, the Teh family's significant shareholdings were largely due to their father's contributions. Acquiring such stakes in today's environment as an individual would be nearly impossible.


********************
Moreover, as wealth transitions to the third and fourth generations, without a guiding patriarch, disputes may arise. Therefore, exiting at the right time could be a wise decision.

Otherwise, they might have to manage the family wealth professionally, akin to the Rockefeller family.

Renewed M&A Activity in Banking Sector

As Malaysia's economy improves, the trend of mergers and acquisitions in the banking sector is expected to revive. A recent example is the Sarawak state government's acquisition of a significant stake in Affin Bank. Chinese-founded banks like Public Bank and Hong Leong Bank remain targets for acquisitions.

Owning a bank is not solely a reflection of wealth; it also depends on decisions made by the central bank and government policies. If unfavorable changes occur regarding personal ownership of significant bank shares or if economic turmoil arises, it would be challenging to sell such large holdings like those of the Teh family.

As an observer, it seems that the sale price is too low. In fact, if the Teh family were to sell shares in the open market, it could negatively impact the company's stock price even further. Thus, selling to a shareholder with shared interests is justifiable.

Disclaimer

This column is purely for academic or experiential advice. Readers interested in investing should conduct thorough research or consult with stockbrokers before making decisions, bearing all profits and losses themselves. We encourage creating wealth through proper investment methods. The author's views do not represent the position of the Nanyang Siang Pau.



Seems need to hold a EGM first

This author is obviously a SKL

Apparently Diona Teh Li Shian is a Singaporean citizen: https://www.straitstimes.com/singapore/mala...galow-for-93-9m

Malaysia’s Public Bank heiress buys Tanglin Hill good class bungalow for $93.9m
Published Mar 25, 2025, 04:15 PM
Updated Mar 25, 2025, 06:53 PM

SINGAPORE – A Singapore luxury mansion has been purchased at a record price per square foot by a scion of the family which backs one of Malaysia’s largest banks.

The $93.9 million purchase of a good class bungalow under construction in the Tanglin Hill area was completed in February, according to property records seen by Bloomberg News.

It was bought by Ms Diona Teh Li Shian, a daughter of late tycoon Teh Hong Piow, who founded Public Bank.

Good class bungalows are highly coveted in land-scarce Singapore, with only about 2,800 available, and their ownership is largely restricted to locals.

The purchased property is located near the main Orchard Road shopping belt and various embassies. It sits on a plot of about 15,150 sq ft or 1,408 sq m. Based on the transacted price, it was sold for a record rate of about $6,197 psf. The Business Times reported on the deal’s early stages in July.

Ms Teh did not immediately respond to a query sent by Bloomberg News.

Meir Homes, a local developer of good class bungalows, is building the new mansion on the plot, which was acquired for $30 million in 2022, according to property records. Its principal Sebestian Soh, declined to comment.

The new two-story house with a basement has a total floor area of 2,756 sq m. It will include Japanese oak in its interior and imported materials from Europe, as well as stone cladding on the outside, according to marketing materials seen by Bloomberg News. The property will also have a 25m pool with a tanning deck, a walk-in wine chiller and an 18-seat theatre.

Ms Teh, a Singapore citizen, is one of four children of the late Mr Teh.

Public Bank has since grown into Malaysia’s second-biggest lender, by market value. Ms Teh has been a public face of the family since the patriarch died in 2022. The family still controls over a fifth of the bank’s shares, according to data compiled by Bloomberg.

Source: https://www.straitstimes.com/singapore/mala...galow-for-93-9m

https://www.barrons.com/market-data/stocks/...?countrycode=my

Until now also price up

Really nice