Proton planning car assembly plant in Iran

CIMB Equities Research has upgraded DRB-Hicom from Hold to Add with a higher target price of RM1.60

PETALING JAYA: Proton Holdings Bhd has signalled its intention to return to the Iranian car market with a new plan to set up a car assembly business there.

Parent company DRB-Hicom Bhd told Bursa Malaysia yesterday that its 50.1% unit had on April 10 set up Proton Motor Parsian Co (Ltd) (PMPC).