DRB-Hicom to buy Malaysian state aero parts firm for $96 mln

KUALA LUMPUR Tue Feb 19, 2013 6:31am EST

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KUALA LUMPUR Feb 19(Reuters) - Malaysian automotive-to-insurance conglomerate DRB-Hicom Bhd has agreed to pay 298 million ringgit ($96 million) to buy Composites Technology Research Malaysia (CTRM), a producer of aircraft components owned by the finance ministry.

DRB-Hicom said on Tuesday that the purchase of the 96.9 percent stake in CTRM by its wholly-owned subsidiary Defence Technologies Sdn Bhd will be subject to a due diligence audit.

DRB-Hicom, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, last year bought a 42.7 percent stake in vehicle maker Proton Holdings for $412 million from the country's state investment arm Khazanah Nasional. ($1=3.0985 Malaysian ringgit) (Reporting By Al-Zaquan Amer Hamzah; Editing by Greg Mahlich)

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