Public Bank to merge its local, foreign shares

AFTER more than 20 years of having both a local share and a foreign share quoted on the stock exchange, Public Bank Bhd (PBB) has proposed to merge them under a single code.

However, it does not plan to compensate for any price differential.

PBB local shares (L) shed 1.65 per cent to RM19.08 yesterday while the foreign (F) shares slipped 2.35 per cent to the same level after the lender told the stock exchange that the reference opening price of the merged shares would be the last closing price of the local shares immediately prior to the effective date of the proposed merger or any other price as Bursa Securities may determine.