DRB-Hicom's Proton sells 60% stake in AVEE Global

PETALING JAYA: DRB-Hicom Bhd's subsidiary Perusahaan Otomobil Nasional Sdn Bhd (Proton) is disposing of its 60% equity interest in Advance Vehicle Engineering Global Sdn Bhd (AVEE Global) to AAPICO Hitech Public Co Ltd for RM40.7mil.

In a filing with Bursa Malaysia, DRB-Hicom said the disposal will enable the Proton brand to further strengthen its mission to become a major player in the Asean automotive market via better cost optimisation, efficiency and quality of production of cars.

“With the completion of the proposed disposal, DRB-Hicom will effectively hold 20.04% equity interest in AVEE Global and hence, AVEE Global will cease to be an indirect subsidiary company of DRB-Hicom Group,” it said.