The Teh family, through Consolidated Teh Holdings Sdn Bhd, sold approximately 250.9 million shares, representing a 1.9% stake, in Public Bank on June 9, 2026. The sale took place via a restricted offer for sale (ROFS) directed at the bank’s directors and employees [1, 2, 3].
This transaction is part of a five-year plan the family announced in October 2024 to reduce their shareholding in Public Bank to 10% to comply with the Financial Services Act 2013. The act requires such reductions for significant shareholders, except those grandfathered in before the legislation came into force [1, 4, 2, 3].
Hong Piow, founder of Public Bank and patriarch of the Teh family, passed away on December 12, 2022, aged 92. Before his death, he held more than a 10% stake and was exempted from the shareholding cap through grandfathering rules as the founder [1, 4].
Following the June 9 sale, sources differ on the exact shareholding percentage for the family. Reports from s1 and s2 state the family’s overall stake fell slightly to 21.38%, including 20.73% held via Consolidated Teh Holdings and 0.64% via Hong Piow’s estate. Other sources, s3 and s4, note that the stake via Consolidated Teh Holdings decreased to 20.09%, without specifying the total family holding [1, 4, 2, 3].
The Employees Provident Fund (EPF), Malaysia’s national pension fund, remains the second-largest shareholder with a 16.92% stake in Public Bank [1, 4, 2, 3].
Public Bank shares rose 5 sen, or 1.1%, to close at RM4.83 on June 10, pushing the bank’s market capitalization to RM93.8 billion. The stock has gained more than 6% year-to-date and trades at a price-earnings ratio of 12.8 times, marking a three-year high [1, 4].
On June 1, 2026, Diona Teh Li Shian, the youngest daughter of Hong Piow, was appointed as a non-independent non-executive director of Public Bank, continuing the family’s involvement in the bank’s governance [2, 3].
