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September 16, 2009

MALAYSIA: Proton shares up on stake sale talk

Shares in Malaysian national carmaker Proton Holdings rose 6.14% on Wednesday, adding to gains made since news broke Malaysian billionaire Syed Mokhtar Al Bukhary may be interested in acquiring a controlling stake.

Shares in Malaysian national carmaker Proton Holdings rose 6.14% on Wednesday, adding to gains made since news broke Malaysian billionaire Syed Mokhtar Al Bukhary may be interested in acquiring a controlling stake.

According to Reuters, The local Star newspaper, citing anonymous sources, reported earlier that Syed Mokhtar was interested in Khazanah Nasional’s 42.74% stake in Proton. Khazanah is the investment arm of the Malaysian government.

Shares in DRB-Hicom, an automotive firm controlled by Syed Mokhtar, rose 3.48% on speculation the firm would be used as the vehicle for takeover.

Volkswagen last week said it was exploring the possibility of building cars in Malaysia with Proton.

It previously talked with the Malaysian government about taking a stake in the carmaker but those ended in 2007 for undisclosed reasons.

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