It looks like the battle for Khazanah Nasional Bhd 42.7% stake in Proton has had its winner. Trading of the national car maker’s shares, as well as those from DRB-Hicom Bhd, have been suspended from 9am to 5pm today pending an announcement. The companies did not give details in a filing to Bursa.
DRB-Hicom asked for a suspension in trading, saying the company will be proposing a corporate exercise involving a very substantial transaction.
Reports surfaced last week saying that Government investment arm Khazanah will announce today that DRB-Hicom has won the bid to acquire its stake in Proton, with the transaction said to be at RM6 a share or total of RM1.4 billion.
Other confirmed parties bidding for the Proton stake were the Naza Group and Proton chairman Datuk Mohd Nadzmi Mohd Salleh. The press and/or analysts roped in UMW and even Tan Chong into the party, but both companies denied any invitation to bid and involvement in the sale.
Last Friday, Proton shares closed at RM5.18 and DRB-Hicom’s at RM2.17. Minority shareholders and speculators are waiting to profit from a general offer for their shares, expected to be coming soon.
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AI-generated Summary ✨
Comments on the blog about Proton and DRB-Hicom share suspension focus on concerns over government influence, leadership, and potential impacts on Proton’s future. Many speculate that the move may benefit certain stakeholders like Syed Mokhtar Al-Bukhary and DRB-Hicom financially, potentially selling Proton later for profit. There are mixed feelings about the technical benefits, with some doubting significant tech transfer, but hopes that new management can improve product quality. Several comments express disappointment with Proton's past and worry about political interference, especially involving Mahathir. Overall, sentiments reflect hope for positive change but skepticism about whether the new ownership will truly benefit consumers and boost Proton’s global competitiveness.