DRB-Hicom is in the midst of hatching a plan for a project to be known as ‘Asian Car’ which will see Malaysia becoming a hub for the production of Volkswagen vehicles, reports Bernama.
In order for it to happen, DRB-Hicom’s owner Tan Sri Syed Mokhtar Al-Bukhary is working on a plan to list the distribution arm of DRB-Hicom Bhd. The plan is to list the merged Proton Edar and EON Bhd. DRB-Hicom itself might be delisted as part of the plan.
“It is one of the options on the table,” a source familiar with the proposed plan told Bernama. Under this option, DRB-Hicom’s automotive manufacturing arm and defence unit will be held privately by one of the companies owned by the tycoon.
DRB-Hicom’s existing shareholders will be able to convert some of their shares into the new listed company. They will also be given some cash, between 50 sen and RM1 per share, the sources said. The automotive manufacturing arm, meanwhile, will be relisted in another form later on, under the DRB-VW joint venture.
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AI-generated Summary ✨
The comments reveal skepticism and concern regarding DRB-Hicom’s plans to make Malaysia a hub for Volkswagen vehicle production, with many doubting the feasibility due to high wages and competitive manufacturing costs in neighboring countries. Critics also highlight ongoing issues with VW’s after-sales service, uncertainty over whether the project will truly lower car prices, and doubts about the credibility of DRB-Hicom based on past experiences. Several comments criticize the broader political and economic landscape, pointing out issues of cronyism, monopoly, and racial politics affecting the automotive industry. Despite some optimistic views, many commenters remain doubtful about Malaysia transforming into a significant automotive manufacturing hub, emphasizing the need for better service, transparency, and genuine technological transfer. Overall, the sentiment is a mix of hope tinged with skepticism.