Singapore Buys Into Proton
November 30, 2004
Filed under Features
The Government of Singapore Investment Corp. Pte Ltd. (GIC) purchased a 5.04% stake, or 27.66 million shares, in Proton Holdings Bhd.
A state-owned agency, GIC invests Singapore's foreign reserves overseas. It has more than $100 billion in assets, making it one of Asia's largest investors. Based on Proton's current share price, the GIC stake would be worth about $65 million.
The Malaysian government owns 45% of Proton. Earlier this month, Proton agreed to underwrite a Euro 70 million ($93 million) loan for MV Agusta and become MV Agusta's majority shareholder. In March, Japan's Mitsubishi Motors Corp. ended a 21-year alliance with Proton when it sold its 7.9% share in the company.