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 Business

DRB-Hicom share up on proposed Proton-Indonesia pact

12th July, 2018

KUALA LUMPUR: DRB-Hicom Bhd’s share on Bursa Malaysia advanced in early trading on Wednesday on news that the conglomerate is studying a proposed collaboration between Malaysia and Indonesia to produce an ASEAN car.

At 9.51 am, the stock rose two sen to RM2.10 with 1.51 million changing hands.

On Tuesday, DRB-Hicom Group Managing Director Syed Faisal Albar said a discussion on the matter was taking place as a memorandum of understanding was signed in 2015 between its subsidiary, Proton Holdings Bhd, and an Indonesian company to undertake the joint venture.

“There is no cost involved and we need to study it a lot,” he told reporters after briefing the Council of Eminent Persons here on Tuesday.

Proton is 50.1 per cent owned by DRB-Hicom and 49.9 per cent by China-based automaker, Zhejiang Geely Holding Group via its wholly-owned subsidiary, Geely International (Hong Kong) Ltd.

It was reported earlier that the joint effort between Proton and Indonesia to produce an ASEAN car was revived following talks between Prime Minister Tun Dr Mahathir Mohamad and Indonesian President Joko Widodo last month. –Bernama

   
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