KUALA LUMPUR (Jan 18): DRB-HICOM BHD [] is opened to options to sell PROTON HOLDINGS BHD []’s loss making unit Lotus Group International Ltd.
Wire reports quoted DRB-Hicom managing director Datuk Mohd Khamil Jamil as saying on Wednesday that DRB-Hicom was “open to options” but this would also hinge on a meeting with the Lotus management and its plans.
He was quoted saying that DRB-Hicom was unable to do a due diligence on Lotus earlier and “so (we) will need time to look into Lotus”.
As for Proton, there were no plans to re-list it for the time being once the buyout was completed.
To recap, in April 2011, Lotus Cars Ltd secured £270m million (RM1.33 billion) in loans from six financial institutions over a six-year period in a move to turnaround the loss-making England-based company.
Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir had on then said he expected Lotus to breakeven by 2014. He had also then said the loans would be consolidated into Proton’s books.
On Monday, Khazanah Nasional Bhd announced that it had agreed to dispose of its Proton stake, comprising of 234.73 million shares, to DRB-Hicom for a total consideration of RM1.291 billion or RM5.50 per share.
Then on Tuesday, DRB-Hicom announced 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 is 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.
Wire reports quoted DRB-Hicom managing director Datuk Mohd Khamil Jamil as saying on Wednesday that DRB-Hicom was “open to options” but this would also hinge on a meeting with the Lotus management and its plans.
He was quoted saying that DRB-Hicom was unable to do a due diligence on Lotus earlier and “so (we) will need time to look into Lotus”.
As for Proton, there were no plans to re-list it for the time being once the buyout was completed.
To recap, in April 2011, Lotus Cars Ltd secured £270m million (RM1.33 billion) in loans from six financial institutions over a six-year period in a move to turnaround the loss-making England-based company.
Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir had on then said he expected Lotus to breakeven by 2014. He had also then said the loans would be consolidated into Proton’s books.
On Monday, Khazanah Nasional Bhd announced that it had agreed to dispose of its Proton stake, comprising of 234.73 million shares, to DRB-Hicom for a total consideration of RM1.291 billion or RM5.50 per share.
Then on Tuesday, DRB-Hicom announced 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 is 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.
