DRB-Hicom Bhd Managing Director Datuk Seri Mohd Khamil Jamil today denied talk that the company is selling assets, borrowing from foreign banks and using billionaire Tan Sri Syed Mokhtar al-Bukhary's influence to finance Proton Holdings Bhd's share purchase. "I don't have to sell any asset to purchase Khazanah Nasional's properties.
"I will not sell (Bank Muamalat) a strategic business entity of DRB-Hicom that generates growth. Industry observers speculated that Syed Mokhtar may sell Bank Muamalat to raise funds to finance the purchase which may include foreign bank borrowings.
"Tan Sri Syed Mokhtar is a shareholder and we have to be fair to him. We report to the board and not to him. He didn't influence the deal," he told reporters at a press conference here today.
DRB-HICOM on Monday paid RM1.29 billion, cash, to acquire Khazanah Nasional's 42.74 per cent stake in Proton Holdings.
The acquisition of 39.927 million shares in Proton, represented 7.27 per cent of the national automaker's issued and paid-up share capital.
He said 85 per cent of the acquisition was financed by borrowings from Malayan Banking Bhd while the remainder was financed via internally generated funds.
"DRB-HICOM's gearing ratio is healthy. So, the need for foreign bank borrowings to finance the purchase does not arise at all," he explained.
Meanwhile, Khamil said the company had no plans to sell a stake in Proton to another party but instead had plans to privatise the national car maker. -- Bernama
"I will not sell (Bank Muamalat) a strategic business entity of DRB-Hicom that generates growth. Industry observers speculated that Syed Mokhtar may sell Bank Muamalat to raise funds to finance the purchase which may include foreign bank borrowings.
"Tan Sri Syed Mokhtar is a shareholder and we have to be fair to him. We report to the board and not to him. He didn't influence the deal," he told reporters at a press conference here today.
DRB-HICOM on Monday paid RM1.29 billion, cash, to acquire Khazanah Nasional's 42.74 per cent stake in Proton Holdings.
The acquisition of 39.927 million shares in Proton, represented 7.27 per cent of the national automaker's issued and paid-up share capital.
He said 85 per cent of the acquisition was financed by borrowings from Malayan Banking Bhd while the remainder was financed via internally generated funds.
"DRB-HICOM's gearing ratio is healthy. So, the need for foreign bank borrowings to finance the purchase does not arise at all," he explained.
Meanwhile, Khamil said the company had no plans to sell a stake in Proton to another party but instead had plans to privatise the national car maker. -- Bernama
