Putrajaya in cash-for-shares deal with Proton
It will inject RM1.25b into carmaker in exchange for 1.25b redeemable convertible cumulative preference shares
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Kuala Lumpur
IN a few years, the Malaysian government could come full circle with carmaker Proton Holdings Bhd (PHB).
Under a conditional share subscription agreement, Putrajaya will inject RM1.25 billion (S$417 million) cash into the ailing car manufacturer - currently owned by conglomerate DRB-Hicom Bhd - to help tide it over because its cash flow has been so weak, and long outstanding sums owed to its creditors, vendors and suppliers have been unsettled.
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