Thursday, 26 January 2012

Lotus a drag on Proton

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Little-known Abdul Rashid, meanwhile, has been CEO of the group's Pahang outfit HICOM Automotive Manufacturers (Malaysia) Sdn Bhd for the past few years. He is literally responsible for DRB-HICOM's automotive complex in Pekan, which houses production lines of various international brands including Mercedes-Benz, Volkswagen, Suzuki and Isuzu. DRB-HICOM's stake in Proton will rise from zero to 42.7 per cent once the RM1.29 billion share sale deal with Khazanah Nasional Bhd announced on January 16 is completed in two months. The group will fork out a further RM1.7 billion or so under a mandatory general offer for the remaining Proton shares upon completion of the initial deal. Proton has made losses in two of its last five financial years, partially dragged by loss-making British sports car subsidiary Lotus.

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