KUALA LUMPUR: Datuk Nik Hamdan Nik Hassan, the group automotive director at DRB-Hicom Bhd, has denied speculation that he has resigned from his current position in the conglomerate as well as market rumours that he will assume the post of chairman of Proton Holdings Bhd.
Nik Hamdan was quoted by news reports as saying he is instead working with key officials of DRB-Hicom to facilitate the takeover of Proton by the conglomerate.
Speculation of his resignation follows the sale of Khazanah Nasional Bhd’s 42.7% stake in Proton to DRB-Hicom, which is controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary.
Khazanah’s equity interest in Proton will be divested to DRB-Hicom for RM5.50 a share for a total sum RM1.29 billion. DRB-Hicom will be required to do a mandatory general offer for the remaining Proton shares it does not own upon completion of the share sale.
Nik Hamdan is the brother-in-law of Proton CEO Datuk Seri Syed Zainal Abidin Syed Mohamad Tahir.
Industry observers told The Edge Financial Daily that should Nik Hamdan relinquish his position in DRB-Hicom, it would deprive the conglomerate of a capable hands-on automotive expert.
Nik Hamdan has over 25 years of automotive experience, with stints in the former Hicom Bhd, Proton as well as Honda Malaysia.
DRB-Hicom is a major automotive assembler and distributor. Its prowess in automotive assembly is by virtue of its integrated complex in Pekan, Pahang.
According to the DRB-Hicom’s website, the assembly plant’s portfolio includes brands like Mercedes-Benz, Suzuki and Isuzu.
This article appeared in The Edge Financial Daily, February 2, 2012.
Nik Hamdan was quoted by news reports as saying he is instead working with key officials of DRB-Hicom to facilitate the takeover of Proton by the conglomerate.
Speculation of his resignation follows the sale of Khazanah Nasional Bhd’s 42.7% stake in Proton to DRB-Hicom, which is controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary.
Khazanah’s equity interest in Proton will be divested to DRB-Hicom for RM5.50 a share for a total sum RM1.29 billion. DRB-Hicom will be required to do a mandatory general offer for the remaining Proton shares it does not own upon completion of the share sale.
Nik Hamdan is the brother-in-law of Proton CEO Datuk Seri Syed Zainal Abidin Syed Mohamad Tahir.
Industry observers told The Edge Financial Daily that should Nik Hamdan relinquish his position in DRB-Hicom, it would deprive the conglomerate of a capable hands-on automotive expert.
Nik Hamdan has over 25 years of automotive experience, with stints in the former Hicom Bhd, Proton as well as Honda Malaysia.
DRB-Hicom is a major automotive assembler and distributor. Its prowess in automotive assembly is by virtue of its integrated complex in Pekan, Pahang.
According to the DRB-Hicom’s website, the assembly plant’s portfolio includes brands like Mercedes-Benz, Suzuki and Isuzu.
This article appeared in The Edge Financial Daily, February 2, 2012.
