So as it stands, we might just end up with our national carmaker being a private company.
Proton announced today to Bursa Malaysia the resignation of Khazanah-appointed chairman Datuk Seri Mohd Nadzmi Mohd Salleh, as per the terms and conditions set by the share sale and purchase agreement signed between DRB-HICOM and Khazanah Nasional Berhad earlier this year.
DRB-HICOM has yet to announce who will replace him – we expect this to be known in about two weeks time as revealed by Datuk Seri Khamil Jamil this week.
To shed some light onto the timeline of what has happened so far – DRB-HICOM started off with zero shares in Proton. When it entered into agreement with Khazanah Nasional to purchase its 42.74% stake in Proton, it also scooped up some shares on the public market which gave it an initial 7.27% stake.
An EGM was held this week and DRB-HICOM shareholers approved the purchase. The sale will now go ahead and with the initial share purchase combined with the Khazanah shares, DRB-HICOM will end up with 50.01% of Proton shares.
Read more HERE.