Petroliam Nasional Berhad (PETRONAS) has agreed to acquire an additional 24.4 per cent interest in Putrajaya Holdings Sdn Bhd (Putrajaya Holdings) comprising 537,000 shares of RM1,000 each from Khazanah Nasional Berhad (Khazanah) valued at RM666,062,580. The acquisition will increase PETRONAS’ shareholding in Putrajaya Holdings, the developer of the new Federal Government administrative centre in Putrajaya, from 40 per cent to 64.4 per cent.
The acquisition will be satisfied through a transfer of 84,707,120 ordinary shares of RM1 each in Perusahaan Otomobil Nasional Berhad (Proton) currently held by PETRONAS to Khazanah at RM7.87 per share amounting to RM666,645,034.40. Khazanah will pay the balance of RM582,454.40 to PETRONAS in cash.
PETRONAS will remain a shareholder of Proton with a reduced interest of 11.8 per cent and will continue to provide the necessary support to Proton especially in the areas of engineering and technological resources, including research and development. The support will be provided through PETRONAS’ continued involvement in the development of automotive engineering technology, fuel and lubricant development as well as other areas including composites and engineering plastics. The continued involvement of PETRONAS as a shareholder of Proton will also help to achieve the objective of enhancing local expertise in automotive technology to further accelerate the integrated development of Malaysia’s automotive industry.
The transactions are subject to the approval of the relevant regulatory authorities and are expected to be completed by the end of March 2002.
PETRONAS entered into an agreement to acquire a 27.2 per cent interest in Proton from DRB-HICOM Berhad at RM7 per share in March 2000 and completed the acquisition in December 2000.
Legal and Corporate Affairs Division