UMW denies – again – reported bid to acquire Proton stake

KUALA LUMPUR (Dec 16): For the second time in as many days, UMW HOLDINGS BHD []
denied that its major shareholders had submitted a bid to acquire
Khazanah Nasional Bhd’s controlling stake in national carmaker PROTON
HOLDINGS BHD [].

The company on Friday was responding to an earlier report on Dec 16
that said that “shareholders linked to UMW Holdings, a strategic partner
of Toyota Motor Corp, are believed to have won a bid to buy Khazanah
Nasional Bhd's stake in Proton Holdings Bhd”.

The report had said that the UMW shareholders’ bid was in the range
of RM6 per Proton share, and that they would eventually make a general
offer for Proton via UMW Holdings.

“Further to our announcement dated 15th December 2011 on the above
matter, UMW wishes to advise you that our major shareholders have
confirmed that they have not submitted any bid to Khazanah Nasional
Berhad ("Khazanah") nor have they won any bid to buy Khazanah's stake in
Proton Holdings Bhd.

“UMW also wishes to re-affirm that it is not in any form of discussion with any parties in this regard,” it said.

UMW shares fell on Friday after it denied the initial report on
Thursday, and the stock was the top loser. UMW fell 34 sen to RM6.50
with 2.3 million shares traded.