(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.
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