Public Bank (KLSE:PBBANK) and Public Financial (HKG:0626) have dispatched a scheme document for the former's proposed privatization of Public Financial by way of a scheme of arrangement.

Independent financial adviser, Somerley Capital, considers the proposal and scheme fair and reasonable and recommends the disinterested scheme shareholders to vote in favor of it.

A court meeting and special general meeting with be held on Nov. 23.

Earlier, Public Bank had proposed to privatize Public Financialthrough a scheme of arrangement for approximately HK$734.7 million.