The Malaysian distributor of Kia cars, Naza Group, reportedly is poised to bid for a 19.4% stake in motor and financial group DRB-Hicom Bhd, a business weekly said on Saturday.
Naza Group, will conduct a due diligence this week, following which it would submit an offer for the shares held by the family estate of the late Yahaya Ahmad, former chairman of DRB-Hicom, the Edge weekly said, citing unidentified sources, according to Reuters.
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The estate reportedly holds a 21.3% stake in DRB-Hicom as at July 23, 2003.
The report said the company has the rights to sell Chevrolet, Volkswagen and Audi cars and also has one fifth of EON Capital Bhd, parent of EON Bank, the country’s eighth-biggest bank by assets.
Reuters said Naza Group joins other bidders such as businessman Syed Mokhtar Albukhary, who has offered around 500 million ringgit ($US132 million) for the shares. Businessman Nizam Razak, brother of Malaysia’s deputy prime minister, is putting a bid worth around 350 million ringgit, the report said.
DRB-Hicom, which also has interests in property and waste management, reportedly told the stock exchange on Wednesday the family estate was in talks with various parties to sell its stake but the firm said it had no information on who the parties were, or details of the negotiations.
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