Monday, 6 March 2017
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