DRB Hicom up 5% on hopes of government support
Kuala Lumpur
SHARES of DRB-Hicom Bhd rose 5 per cent on Monday to RM1.11 (S$0.38), as investors bet that the government would give its loss-making automotive unit Proton Holdings up to RM3 billion in soft loans and grants.
The likelihood of both companies being handed a lifeline is based on the recent assurance by international trade minister Mustapa Mohamed that "the government remains committed to ensure the continuous growth and development of the automotive industry which would include the transformation of Proton and its ecosystem".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
S&P Global first-quarter profit beats estimates on strong product demand
Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: sources
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags