DRB-HICOM Bought 7.3% Of Proton Holdings Via Open Market

17 Jan 2012  DRB-HICOM: Bought 7.3% Of Proton Holdings Via Open Market

KUALA LUMPUR  -Malaysia's DRB-HICOM Bhd. (1619.KU) said Tuesday it bought a 7.3% stake in national car maker Proton Holdings Bhd. (5304.KU) via the open market. The stocks were bought at prices ranging between RM5.40 and RM5.47 per share, according to a DRB-HICOM statement to the stock exchange. On Monday, DRB-HICOM agreed to pay MYR5.50 per share to buy Malaysian government investment holding arm Khazanah Nasional Bhd.'s 42.7% stake in Proton. Local regulations require DRB-HICOM to make a mandatory general offer for the remaining shares in Proton, Khazanah Nasional said in an earlier statement. Under the regulations, an investor purchasing a stake of 33% or more in a company must make a general offer for the remaining shares.