Business News
Malaysia sells government stake in local car manufacturer
Jan 16, 2012, 9:15 GMT
Kuala Lumpur - The Malaysian government investment arm on Monday said it will sell its 42.7-per-cent stake in domestic car manufacturer Proton Holdings Bhd to a local firm for 411 million dollars.
DRB-Hicom Bhd is to buy the government's shares held by Khazanah Nasional Bhd. It is controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary, whose has business interests in transportation and logistics, property development, defence and power generation.
Proton has been losing market share to local rival Perodua and to foreign manufacturers.
Khazanah has embarked on aggressive divestment of government stakes in several corporations since last year.
Read more about Khasanah
Read more about Proton
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