Tuesday, December 13, 2011

Proton continues to be in limelight, actively trade

KUALA LUMPUR (Dec 13): PROTON HOLDINGS BHD [] shares extended their gains on Tuesday after the Edge Financial Daily reported today that DRB-HICOM BHD [] could be paying RM5.90 per share for Khazanah Nasional Bhd's 42.7% stake in Proton.

At 9.20am, Proton was up 14 sen to RM4.37 with 1.85 million shares traded.

Proton shares and call warrants had rallied on Monday on market talk that Khazanah Nasional would sell its stake to DRB-Hicom.

Tun Dr Mahathir Mohamad, Proton's adviser, said Khazanah was selling its stake to DRB-Hicom.

He was quoted saying on Sunday that Khazanah was selling its stake because it was not pumping more money into Proton, which needed funds for research and development work on new products such as hybrid cars.

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