adapted from BBC news 16 Jan 2012
Malaysia's state-owned
investment firm Khazanah has sold its stake in carmaker Proton in one of
the biggest deals in the country's auto sector.
- Khazanah offloaded its 42.7% stake in for 1.29bn ringgit ($410m; £269m) to DRB-Hicom.
- DRB, owned by billionaire Syed Mokhtar Al-Bukhary, will have to make a mandatory offer for the remaining shares.
- DRB already assembles vehicles for Volkswagen and Mercedes Benz.
- "DRB-Hicom's proposal also demonstrated the company's extensive involvement in the automotive sector and its network of strategic partnerships, both local and international," Khazanah said in a statement.
- "DRB-Hicom's proposed strategy and business plan provides an effective platform to enhance Proton's sustainability and meet its long-term growth needs."
