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KUALA LUMPUR May 24 Malaysian conglomerate
DRB-HICOM will sell a 49.9 percent stake in struggling
car maker Proton to Chinese automaker Zhejiang Geely Holding
Group, according to a company statement seen by
Malaysia's Second Finance Minister Johari Abdul Ghani is
expected to make an official announcement on the deal shortly.
The statement, which gave no value for the deal, said an
agreement with Geely was expected to be signed in July.
Geely is the parent company of Hong Kong-based Geely
Automobile Holdings Ltd and Sweden's Volvo Car Group.
Malaysian manufacturer Proton also owns British sports car maker
Other companies that have expressed interest in Proton
include Peugeot maker PSA, Japan's Suzuki Motor Corp
and French car maker Renault SA.
DRB-Hicom asked for its shares to be suspended on Tuesday
pending a material announcement.
(Reporting by Rozanna Latiff; Writing by Praveen Menon; Editing
by Stephen Coates)