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FINWIRES

Public Bank Proposes Privatization of Public Financial

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Public Bank (KLSE:PBBANK) proposed, on Aug. 19, to privatize Public Financial (HKG:0626) through a scheme of arrangement for approximately HK$734.7 million.

The privatization is subject to the relevant regulatory approvals, according to a Tuesday Hong Kong bourse filing by Public Financial.

If approved, shares held by the company's shareholders will be cancelled at HK$2.50 apiece, with the same number of shares then being issued to Public Bank. As a result, Public Financial will become wholly owned by Public Bank.

Trading in the company's shares, which was halted Aug. 20, will resume Wednesday, Sept. 9.

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