Confirmed! It's DRB for Proton

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Confirmed! It's DRB for Proton

Confirmed! It's DRB for Proton

Monday, January 16, 2012
  • Drb Proton
Khazanah divests stake in PROTON to DRB-HICOM for RM1.291 billion
MEDIA STATEMENT
Kuala Lumpur, 16 January 2012
 
Khazanah Nasional Berhad (“Khazanah”) wishes to announce the divestment of its 42.74% stake in Proton Holdings Berhad (“PROTON”) to DRB-HICOM Berhad (“DRB-HICOM”).
 
This decision was made following due deliberation and 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.
 
The divestment is made via a conditional sale with a price consideration of RM5.50 per share or RM1.291 billion, subject to, among others, the approval of the shareholders of DRB-HICOM.
 
Upon completion of the sale and purchase agreement, DRB-HICOM will be obliged to undertake a mandatory general offer on the remaining PROTON shares.
 
Khazanah Managing Director, Tan Sri Dato’ Azman Haji Mokhtar said: “This is another significant milestone in our strategic divestment programme as it represents the largest in size to date.
 
"The divestment is a further example of Public-Private Partnerships, whereby strategic divestments are made with the aim of putting Government-linked companies (“GLCs”) on a stronger and more competitive footing, and at the same time enhancing private sector participation and building the entrepreneurial capacity of Malaysian businesses in key economic sectors.”
 
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