KUALA LUMPUR (Jan 16): Khazanah Nasional Bhd is divesting its 42.72% stake in PROTON HOLDINGS BHD [] to DRB-Hicom via a conditional sale with a price consideration of RM5.50 per share or RM1.291 billion.
In a statement Monday, Khazanah said the decision to divest its stake in Proton to DRB-Hicom was made after detailed evaluation of various proposals to ensure that due process was observed, proper financial value was received and that the new shareholder will be able to bring Proton to the next level of strategic growth, in line with the aspirations of the industrial development of the national automotive sector.
Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares, it said.
The statement from Khazanah confirmed a report by The Edge Financial Daily, citing industry sources on Monday, that said that DRB-Hicom was understood to have secured Khazanah's 42.7% stake in Proton, with only a few minor issues left to seal the deal.
In a statement Monday, Khazanah said the decision to divest its stake in Proton to DRB-Hicom was made after detailed evaluation of various proposals to ensure that due process was observed, proper financial value was received and that the new shareholder will be able to bring Proton to the next level of strategic growth, in line with the aspirations of the industrial development of the national automotive sector.
Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares, it said.
The statement from Khazanah confirmed a report by The Edge Financial Daily, citing industry sources on Monday, that said that DRB-Hicom was understood to have secured Khazanah's 42.7% stake in Proton, with only a few minor issues left to seal the deal.
