DRB-Hicom Bhd.’s shareholders approved the company’s plan to buy a controlling 42.7 percent stake in Proton Holdings Bhd. 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.