KUALA LUMPUR (May 24): DRB-Hicom Bhd is selling a 49.9% stake in wholly-owned Proton Holdings Bhd to China-based Zhejiang Geely Holding Group Co Ltd to rejuvenate Malaysia's national car manufacturer Proton.
In a statement today, DRB-Hicom said it and Zhejiang Geely signed a heads of agreement in Putrajaya today for the stake sale. DRB-Hicom said it expects to sign a definitive agreement with Zhejiang Geely this July.
Under the deal, DRB-Hicom said today Proton would also sell its entire stake in British car maker Lotus to Zhejiang Geely.
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