KUALA LUMPUR (Jan 18): DRB-HICOM BHD [] shares advanced on Wednesday as the market was positive on the takeover of PROTON HOLDINGS BHD [] while investors await more details on how it will turn around the car maker at a press briefing later in the morning.
At 9.20am, DRB-Hicom added five sen to RM2.15 with 797,400 shares done, while Proton shed one sen to RM5.40 with 246,000 shares traded.
DRB-Hicom said on Tuesday that it had bought 39.927 million Proton shares or a 7.27% stake via open market at prices ranging from RM5.40 to RM5.47 per share.
Assuming that the proposed acquisition was successfully completed, DRB-Hicom will hold, in aggregate, more than 50% of the voting shares of Proton. “As such, the Proposed MGO will not be conditional upon acceptances,” it said.
On Monday, Khazanah agreed to dispose of its Proton stake, comprising of 234.73 million shares or 42.7%, to DRB-Hicom for a total consideration of RM1.291 billion or RM5.50 per share.
At 9.20am, DRB-Hicom added five sen to RM2.15 with 797,400 shares done, while Proton shed one sen to RM5.40 with 246,000 shares traded.
DRB-Hicom said on Tuesday that it had bought 39.927 million Proton shares or a 7.27% stake via open market at prices ranging from RM5.40 to RM5.47 per share.
Assuming that the proposed acquisition was successfully completed, DRB-Hicom will hold, in aggregate, more than 50% of the voting shares of Proton. “As such, the Proposed MGO will not be conditional upon acceptances,” it said.
On Monday, Khazanah agreed to dispose of its Proton stake, comprising of 234.73 million shares or 42.7%, to DRB-Hicom for a total consideration of RM1.291 billion or RM5.50 per share.
