DRB-Hicom to make material announcement

FILE PHOTO - A Proton logo on a car at a Proton showroom in Puchong, Malaysia October 3, 2016. REUTERS/Edgar Su/File Photo

KUALA LUMPUR: DRB-Hicom Bhd is set to make a material announcement and has requested for suspension in the trading of its securities starting from 9am on Wednesday.

The diversified group said Bursa Malaysia Securities had approved its request for trading suspension.

DRB-Hicom is currently evaluating bidders seeking to be the foreign strategic partner (FSP) of its wholly owned subsidiary Proton Holdings Bhd. It has said the group hoped to complete the search by the first half of the year.

The search for the FSP is a key part of turning around Proton and making it a competitive carmaker.

The counter closed 1 sen lower at RM1.68 on Tuesday.