Property, financial and automotive group DRB-Hicom denied on Tuesday Malaysian media reports that it might buy a stake in state carmaker Proton Holdings.
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The weekend business edition of the Star newspaper reported that Malaysian tycoon Syed Mokhtar Al-Bukhary, who controls DRB, was in the midst of setting up a joint venture firm to buy shares in Proton that belong to state investment agency Khazanah Nasional Bhd, Reuters reported.
Edaran Otomobil Nasional, the biggest retailer of Proton cars in Malaysia, might also be involved in the deal, the Star reportedly said.
Both DRB and Edaran denied the report in separate statements after the market closed on Tuesday, the news agency said.
“DRB is presently not in negotiation nor have there been any discussions with any shareholders of Proton in relation to the acquisition of its shares as reported,” DRB said in a statement cited by Reuters. “DRB is not aware of the basis of the statements.”
Edaran’s board of directors reportedly said it “has no knowledge nor has it deliberated on such a matter that was reported in the newspaper”.
