DRB Shareholders Approve Purchase of 42.7% of Proton

(Corrects stake of extra purchase in second paragraph.)

DRB-Hicom Bhd. (DRB)’s shareholders approved the company’s plan to buy a controlling 42.7 percent stake in Proton Holdings Bhd. (PROH) for 1.29 billion ringgit ($425 million) from Khazanah Nasional Bhd.

DRB will complete the purchase of the state-owned carmaker in seven days, according to a company statement. Proton will become a 50-percent owned subsidiary, it said. DRB bought an additional 7.3 percent stake in Proton from the open market in January.

To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net

To contact the editor responsible for this story: Elffie Chew at echew16@bloomberg.net

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