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Nikkei Markets

Malaysia's DRB-Hicom To Sell 49.9% Proton Stake Valued At 460.3 Million Ringgit-Official

By Jason Ng
Nikkei Markets
KUALA LUMPUR (Jun 23) -- DRB-Hicom, a Malaysian defense-to-banking conglomerate, Friday said it will sell a 49.9% stake valued at 460.3 million ringgit ($107.3 million) in its financially stressed carmaking unit Proton Holdings to China's Geely Zhejiang.

Last month, DRB-Hicom signed a stake-sale pact with Geely that also included the sale of Proton's sports car unit Lotus, as part of a government-backed restructuring programme to help Malaysia's ailing national carmaker. It hadn't disclosed the deal amount.

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