It is believed that the bidders are Tan Sri Syed Mokhtar AlBukhary’s DRB-HICOM, several key shareholders
linked to the Naza Group and Proton chairman Datuk Mohd Nadzmi Mohd Salleh.
As many as three parties have submitted a bid to Khazanah Nasional Bhd yesterday to seek control of national carmaker Proton Holdings Bhd, people involved in the bidding process said.
“The bids were in the range of between RM6 and RM7 a share,” said a party directly involved in the bidding process.
It is believed that the bidders are Tan Sri Syed Mokhtar AlBukhary’s DRB-HICOM Bhd, several key shareholders linked to the Naza Group and Proton chairman Datuk Mohd Nadzmi Mohd Salleh.
Khazanah has a 43 per cent stake in Proton, and any bidder seeking to buy the government investment arm’s block will trigger a general offer.
“Those are the nitty gritty details, which are still being worked at ... but whoever is buying Proton is getting the company on the cheap,” said the source.
As at end-March 2011, Proton’s book value per share stood at RM9.84.
The carmaker posted a revenue of RM8.96 billion and a net profit of RM155.61 million in its B3last financial year ended March 31 2011.
Business Times understands that a clearer picture on the takeover will likely emerge later this week.
Proton, which owns sports car maker Lotus Group International Ltd, has been on the lookout for a strategic partner to help compete with bigger global automakers such as Toyota Motor Corp, Volkswagen AG and Honda Motor Co.
Proton’s rival DRB-HICOM already has a collaboration agreement with Volkswagen to locally assemble VW cars in Pekan, Pahang.
The VW cars assembled there are likely to be priced close to the top range Proton models, which currently sell at above the RM100,000 mark.
This could put pressure on the national carmaker’s production capacity at its Tanjung Malim plant, which has an installed capacity of 150,000 units a year.
Meanwhile, Proton shares were heavily traded yesterday and were second top gainer, up 89 sen to RM4.50.
Interest in the shares was sparked by reports of a possible sale of Khazanah Nasional’s block in Proton and also because two research firms, namely OSK Holdings Bhd and RHB Capital Bhd, had upgraded the stock to a “buy” with a RM5-a-share fair value.
linked to the Naza Group and Proton chairman Datuk Mohd Nadzmi Mohd Salleh.
As many as three parties have submitted a bid to Khazanah Nasional Bhd yesterday to seek control of national carmaker Proton Holdings Bhd, people involved in the bidding process said.
“The bids were in the range of between RM6 and RM7 a share,” said a party directly involved in the bidding process.
It is believed that the bidders are Tan Sri Syed Mokhtar AlBukhary’s DRB-HICOM Bhd, several key shareholders linked to the Naza Group and Proton chairman Datuk Mohd Nadzmi Mohd Salleh.
Khazanah has a 43 per cent stake in Proton, and any bidder seeking to buy the government investment arm’s block will trigger a general offer.
“Those are the nitty gritty details, which are still being worked at ... but whoever is buying Proton is getting the company on the cheap,” said the source.
As at end-March 2011, Proton’s book value per share stood at RM9.84.
The carmaker posted a revenue of RM8.96 billion and a net profit of RM155.61 million in its B3last financial year ended March 31 2011.
Business Times understands that a clearer picture on the takeover will likely emerge later this week.
Proton, which owns sports car maker Lotus Group International Ltd, has been on the lookout for a strategic partner to help compete with bigger global automakers such as Toyota Motor Corp, Volkswagen AG and Honda Motor Co.
Proton’s rival DRB-HICOM already has a collaboration agreement with Volkswagen to locally assemble VW cars in Pekan, Pahang.
The VW cars assembled there are likely to be priced close to the top range Proton models, which currently sell at above the RM100,000 mark.
This could put pressure on the national carmaker’s production capacity at its Tanjung Malim plant, which has an installed capacity of 150,000 units a year.
Meanwhile, Proton shares were heavily traded yesterday and were second top gainer, up 89 sen to RM4.50.
Interest in the shares was sparked by reports of a possible sale of Khazanah Nasional’s block in Proton and also because two research firms, namely OSK Holdings Bhd and RHB Capital Bhd, had upgraded the stock to a “buy” with a RM5-a-share fair value.
