Proton Holdings Bhd, Malaysia’s national carmaker, rose the most in more than a week after DRB- Hicom Bhd agreed to buy Khazanah Nasional Bhd’s 43 per cent stake in Proton at RM5.50 per share.
The stock rose as much as 5.4 per cent, the most since Jan. 9, to RM5.46 ringgit at 10:28 am local time in Kuala Lumpur.
AMMB Holdings Bhd said in reports that investors should accept the general offer that will be extended to minority shareholders.
Proton, which had two annual net losses over the past five years, paves the way for billionaire Syed Mokhtar to widen his share of the Southeast Asian country’s car industry and expand a business empire that already includes ports, airports and power plants. Selangor-based Proton gives DRB control of two Malaysian car plants able to make 350,000 vehicles per year, more than the total number of cars sold in Switzerland annually.
The “turnaround will take time,” Loke Wei Wern, an analyst at CIMB Group Holdings Bhd., wrote in a report today. “This is an opportunity for minority shareholders to exit the company.”
Proton investors should switch their holdings to DRB after holding out for the general offer, Loke said in the report.
DRB distributes and assembles motorcycles to garbage trucks for global carmakers from Volkswagen AG to Suzuki Motor Corp. and Daimler AG’s Mercedes-Benz. The shares fell fell as much as 3.7 percent to 2.09 ringgit in Kuala Lumpur.
DRB-Hicom added 0.9 percent to RM2.19. -- Bloomberg
The stock rose as much as 5.4 per cent, the most since Jan. 9, to RM5.46 ringgit at 10:28 am local time in Kuala Lumpur.
AMMB Holdings Bhd said in reports that investors should accept the general offer that will be extended to minority shareholders.
Proton, which had two annual net losses over the past five years, paves the way for billionaire Syed Mokhtar to widen his share of the Southeast Asian country’s car industry and expand a business empire that already includes ports, airports and power plants. Selangor-based Proton gives DRB control of two Malaysian car plants able to make 350,000 vehicles per year, more than the total number of cars sold in Switzerland annually.
The “turnaround will take time,” Loke Wei Wern, an analyst at CIMB Group Holdings Bhd., wrote in a report today. “This is an opportunity for minority shareholders to exit the company.”
Proton investors should switch their holdings to DRB after holding out for the general offer, Loke said in the report.
DRB distributes and assembles motorcycles to garbage trucks for global carmakers from Volkswagen AG to Suzuki Motor Corp. and Daimler AG’s Mercedes-Benz. The shares fell fell as much as 3.7 percent to 2.09 ringgit in Kuala Lumpur.
DRB-Hicom added 0.9 percent to RM2.19. -- Bloomberg
