Public Bank Bhd said it is seeking to privatise its Hong Kong subsidiary Public Financial Holdings Ltd, where it holds a 73% stake.PETALING JAYA: Public Bank Bhd could see its consolidated net assets and earnings per share fall by four sen following a HK$1.96 billion (RM1.1 billion) goodwill impairment at its Hong Kong-listed subsidiary.
The impairment is expected to contribute to Public Financial Holdings Ltd (PFHL) recording a net loss of between HK$1.9 billion and HK$2 billion for the financial year ending Dec 31 compared to a net profit of HK$80 million in 2025, The Edge reported.
The Hong Kong company said the impairment was driven by higher long-term interest rates, which increased the discount rate used to value goodwill, and weaker medium-term cash flow projections.
