DRB-HICOM announced that Perusahaan Otomobil Nasional Sdn. Bhd., a 50.1% owned subsidiary has completed the share purchase agreement to dispose of its 51,486,267 ordinary shares, representing 60% equity interest in AVEE Global to AAPICO Hitech Public Company Limited for a cash consideration of RM40.7 million.
With the completion of the Proposed Disposal, DRB-HICOM will effectively hold 20.04% equity interest in AVEE Global and hence, AVEE Global will cease to be an indirect subsidiary company.
AVEE Global is a wholly-owned subsidiary of PONSB which in turn is a wholly-owned subsidiary of Proton Holdings Berhad. Its principal activities are the development, manufacturing and sale of products and services relating to dies, moulds, jigs and stamping activities. As at 31 May 2023, AVEE Global’s issued and paid-up share capital is RM85,810,445 comprising 85,810,445 ordinary shares
The group decided to dispose the unit as a PROTON-AAPICO strategic partnership which will enable PROTON to further strengthen its mission to become a major player in the ASEAN automotive market via better cost optimisation, efficiency, and quality of production of cars.
