DRB-Hicom appears set to make a material announcement soon. The conglomerate – Proton’s parent company – had its request for trading suspension approved Bursa Malaysia Securities today, pending the release of a material announcement.

This strongly hints that an announcement related to Proton’s foreign strategic partner (FSP) deal will be made soon.

Chinese automaker Zhejiang Geely and France’s Groupe PSA are the leading contenders to become Proton’s FSP. In March 2017, DRB-Hicom issued a statement that said both bidders were present and accounted for and were still at the negotiation table.

Earlier, second international trade and industry minister Datuk Seri Ong Ka Chuan had said that Proton will be able to announce its FSP by May. Looking at the timing of DRB-Hicom’s request for the suspension in the trading of its securities, it all points to a deal being announced in the coming week(s).

It’s been a long time coming – stay tuned to paultan.org for more updates on this matter.

UPDATE: DRB-Hicom announced today that Zhejiang Geely will be its foreign strategic partner (FSP), with Geely acquiring a 49.9% equity stake in Proton. The deal, which is subject to regulatory and shareholder approval, will also see Geely acquire a majority stake (51%) of Lotus from Proton.

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