DRB-Hicom to buy state aero parts firm

KUALA LUMPUR, Feb 20 – Malaysian automotive-to-insurance conglomerate DRB-Hicom Bhd has agreed to pay RM298 million to buy Composites Technology Research Malaysia (CTRM), a producer of aircraft components owned by the finance ministry.

DRB-Hicom said yesterday that the purchase of the 96.9 per cent stake in CTRM by its wholly-owned subsidiary Defence Technologies Sdn Bhd will be subject to a due diligence audit.

DRB-Hicom, owned by Malaysian tycoon Tan Sri Syed Mokhtar Al-Bukhary, last year bought a 42.7 per cent stake in vehicle maker Proton Holdings for US$412 million (RM1.27 billion) from the country’s state investment arm Khazanah Nasional. – Reuters