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Lembaga Tabung Haji substantial shareholder in DRB-Hicom with 5.08% stake

Monday, 6 March 2017


KUALA LUMPUR: Lembaga Tabung Haji (LTH) has emerged as a substantial shareholder in diversified group DRB-Hicom Bhd with a 5.08% stake. Filings with Bursa Malaysia on Monday showed the pilgrimage fund bought one million DRB-Hicom shares from the open market on 1 March. The following day, its bought 750,000 shares.

On 3 March, it bought another 1 million shares. The recent acquisitions saw it owning 5.086% or 98.31 million shares.

DRB-Hicom’s share price had risen in recent months following news about its plans for a foreign strategic partner to work with its loss-making Proton Holdings Bhd, which includes taking a stake. 2 companies reported to be keen to be  strategic partner are China’s Zhejiang Geely Holding Group Co. and France’s PSA Group.

However, DRB-Hicom’s share price had fallen since last Friday on a Bloomberg report that billionaire Li Shufu said he’s planning to pull Zhejiang Geely out of a bid for Proton. Li said DRB-Hicom keeps changing its plans.

Both companies have submitted bids to buy a stake in money-losing Proton, which needs to bring in a foreign partner to help in research and development as part of conditions it agreed to in order to receive a loan last year. Last week, PSA CEO Carlos Tavares said last week that a decision on the Proton bid is expected in spring.
Proton owns British sports car maker Lotus Cars Ltd.

Source by: Internet

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