DRB-Hicom

Khazanah agrees to sell Proton stake to DRB-Hicom

DRB-Hicom is set to pay Khazanah $414 million for Malaysia’s leading carmaker.
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Yes, it's a Proton — the Satria Neo S2000, as driven by Alister McRae
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<div style="text-align: left;"> Yes, it's a Proton — the Satria Neo S2000, as driven by Alister McRae </div>

Malaysian billionaire Syed Mokhtar seems to have a golden touch these days. The latest addition to his empire sees him take control of domestic carmaker Proton through DRB-Hicom’s acquisition of a 42.7% stake.

DRB-Hicom agreed yesterday to pay M$5.50 a share for Khazanah’s 42.74% stake in Proton for a total consideration of M$1.3 billion $414 million in cash, according to a statement to Bursa Malaysia. Proton is Malaysia’s biggest carmaker and owner of the Lotus group, which has lately been a source of losses for the company.

Khazanah, the Malaysian government’s holding arm, has owned its stake since 2004 and the deal will be...

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