Malaysian conglomerate DRB-Hicom Bhd. On Monday confirmed media reports it has signed an agreement with General Motors Corp. of the US for the distribution of Chevrolet trademark products, Dow Jones reported.

DRB-Hicom said its wholly-owned Hicomobil unit sealed the agreement with General Motors Overseas Distribution Corporation on July 18, the report added.

The deal includes a call option for the 100%-owned GM unit to acquire up to 35% of Hicomobil shares at fair market value after two years, DRB-Hicom said in a statement to the stock exchange, according to Dow Jones.