DRB-HICOM set to seal deal with VW
DRB-HICOM Bhd is scheduled to sign a definitive agreement on December 21 with Volkswagen AG, Europe's largest carmaker, to assemble VW cars in Malaysia. The cars will be assembled in Pekan, Pahang, for local and Southeast Asian markets. "Tentatively, it is scheduled for December 21 with the signing ceremony being held either in the KLCC area or at DRB-HICOM's (1619) operational headquarters in Glenmarie, Shah Alam," said the source. It is understood that DRB-HICOM's top officials from its automotive divisions are currently abroad for the final leg of negotiations with VW. In August, DRB-HICOM signed a memorandum of understanding with Germany's VW to assemble and manufacture Volkswagen vehicles in Malaysia. An agreement with VW will help boost business and raise its profile among investors further. Although a big chunk of income comes from stable businesses like Islamic banking, insurance and power plant maintenance and plans to expand its property unit, its sh...