DRB-Hicom likely to discuss Geely offer next week

CIMB Equities Research has upgraded DRB-Hicom from Hold to Add with a higher target price of RM1.60

KUALA LUMPUR: The owner of Malaysian automaker Proton Holdings Bhd plans to hold a board meeting next week to discuss a sale of a stake in the unprofitable business, according to a person with knowledge of the matter.

DRB-Hicom Bhd directors plan to discuss a proposal to sell a minority holding in Proton and a controlling stake in Proton’s Lotus Cars unit to China’s Zhejiang Geely Holding Group Co, said the person, who asked not to be identified because the matter is confidential.