Clarification On Shares Sale Of Advanced Vehicle Engineering

Shares that were disposed were not from DRB-Hicom Berhad

Another day, another piece of drama to be revisited and this time, we have confirmation, directly from the source (in this case, DRB-Hicom), clarifying that the media reports regarding a certain sale that has been making the rounds online involving the aforementioned company is indeed fake. Let’s dive in.

Moreover, DRB-Hicom Berhad has clarified the media reports regarding the sale of Advanced Vehicle Engineering Global Sdn. Bhd. (AVEE Global) to AAPICO Hitech Public Company Limited (AAPICO). Some may be aware of this already but for those who are unaware, here is the run down from DRB-Hicom itself.


DRB-Hicom wishes to clarify that in its announcement filed with Bursa Malaysia on 4 July 2023, where it was stated that Perusahaan Otomobil Nasional Sdn. Bhd. (PONSB), and not DRB-Hicom, was the party disposing of 51,486,267 shares, representing 60 percent equity in AVEE Global, to AAPICO.

PONSB is a 50.1 percent-owned subsidiary of DRB-Hicom through Proton Holdings Berhad and has most definitely not disposed of any number of shares as per the previous paragraph so if you hear otherwise, just know that it is simply untrue.

This is also a good time to remind our readers not to believe everything you see online.

On top of that, with the completion of the disposal of shares, DRB-Hicom will effectively hold 20.04 percent equity interest in AVEE Global and cease to be an indirect subsidiary company of the Group.

So there you have it, the actual truth and not the fake media reports that have been circulating thus far.

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