KUALA LUMPUR (BERNAMA) -- Khazanah Nasional Bhd has announced that it will divest its 42.74 per cent stake inProton Holdings Bhd toDRB-HICOM Bhd via a conditional sale with a price consideration of RM5.50 per share or RM1.291 billion.
For weeks now, we're been hearing talk and reading about parties interested in the deal. Among them are DRB-Hicom Bhd are and Naza.
DRB-Hicom seemed to be the front-runner.
Last week, it was reported that Khazanah, the government's investment arm would be announcing Khazanah Nasional Bhd today that DRB-Hicom has won the bid, with the sale price said to be at RM6 a share for a total of RM1.4bil.
The deal would require that the buyer make an offer to buy out the rest of Proton’s shareholders.
Bernama reports that trading Proton Holdings Berhad and DRB-Hicom Bhd were suspended from 9am to 5pm today pending an announcement.
The companies did not give details in a filing to Bursa Malaysia today.
DRB-Hicom asked for a suspension in trading, saying the company will be proposing a corporate exercise involving a very substantial transaction.Proton shares closed at RM5.18 a share Friday and DRB-Hicom at RM2.17.
The Star reports that the take-over price is likely to be between RM5.50 and RM6 per share.
It quoted a banking source that Malayan Banking Bhd would be providing most of the funding for the deal.
It also quoted an industry source familiar with the deal that "the buyer had a comprehensive bid to consolidate the domestic automobile industry and to steer the national carmaker into profitability via strategic foreign partners and joint ventures."
You know, nobody seems to be able to say what really went wrong with Proton. So many scenarios. So many scapegoats.
Nobody wants to take the blame.
Has Khazanah been doing the right thing(s) all this while?
Well...what's done is done. That's last century. Here's hoping for better and bigger things for Proton and the country....