DRB-HICOM Berhad has purchased government investment arm Khazanah Nasional’s entire 15% (19.5 million shares) stake in Modenas for RM24 million, or RM1.23 per RM1 share.
This move will increase DRB-HICOM shareholding in Modenas from 55% to 70%. The remaining 30% is held by Kawasaki Heavy Industries Ltd (19%) and Sojitz Corporation (11%).
Modenas is short for Motosikal dan Enjin Nasional Sdn. Bhd and uses Kawasaki technology and parts for its motorcycles. It also rebadges scooters from Taiwanese scooter company PGO.