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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now