<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 12): DRB-Hicom Bhd is buying a controlling 96.87% stake in aerospace component manufacturer Composites Technology Research Malaysia Sdn Bhd (CTRM) from the Minister of Finance Inc (MOF) for RM298.26 million cash.</p></div>

<div class=newsTextDataWrapInner><p>In a statement to the exchange, DRB-Hicom said the proposed acquisition price comprises RM122.06 million for the stake and RM176.2 million worth of outstanding loan owed by CTRM to the&nbsp; Malaysian government.</p></div>

<div class=newsTextDataWrapInner><p>"The DRB-Hicom group's current core business includes the manufacture, supply, maintenance and marketing of land-based military vehicles.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"It is the group's intention to diversify its revenue stream from land-based defence business to other areas of defence which also includes aerospace," DRB-Hicom said.</p></div>

<div class=newsTextDataWrapInner><p>DRB-Hicom said it has signed a share-sale agreement with the MOF today. The acquisition is due for completion by the first quarter of 2014.</p></div><div class=newsTextDataWrapInner><p><br /></p></div>

KUALA LUMPUR (July 12): DRB-Hicom Bhd is buying a controlling 96.87% stake in aerospace component manufacturer Composites Technology Research Malaysia Sdn Bhd (CTRM) from the Minister of Finance Inc (MOF) for RM298.26 million cash.

In a statement to the exchange, DRB-Hicom said the proposed acquisition price comprises RM122.06 million for the stake and RM176.2 million worth of outstanding loan owed by CTRM to the  Malaysian government.

"The DRB-Hicom group's current core business includes the manufacture, supply, maintenance and marketing of land-based military vehicles.

"It is the group's intention to diversify its revenue stream from land-based defence business to other areas of defence which also includes aerospace," DRB-Hicom said.

DRB-Hicom said it has signed a share-sale agreement with the MOF today. The acquisition is due for completion by the first quarter of 2014.

#Update* DRB-Hicom buys CTRM from Minister of Finance Inc for RM298m

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<p>Bank Islam Malaysia Bhd (KL:BIMB) has named former Ryt Bank chief executive officer Melvin Ooi as its new group chief technology and transformation officer, as the lender accelerates plans to modernise its technology infrastructure.</p>


<p>Retail prices for unsubsidised fuels in Malaysia will jump by 35 sen per litre for the week starting Sept 17, driven by a sharp increase in global crude oil prices as geopolitical tensions in the Middle East escalate.</p>


<p>Saudi warplanes pounded Yemen, the Houthis said on Wednesday, as the Iran-backed fighters solidified their gains after a lightning advance that has extended Tehran's reach in the Middle East war and further disrupted global oil supplies.</p>


<p>Starbucks Corp is weighing the sale of a majority stake in its Japan business in a potential deal that could value the coffee chain's biggest overseas company-operated market at about US$3 billion (RM12.1 billion), two people with knowledge of the matter said.</p>


<p>Monaco is among several nations poised to exit a global financial watchdog’s dirty money watchlist next month, marking a change in fortune for the city-state that’s home to the world’s highest concentration of millionaires and billionaires.</p>


<p>Chip-heavy South Korean and Taiwanese benchmarks lifted emerging Asia stocks on Wednesday, while regional currencies were muted with the US dollar near multi-week peaks ahead of a widely expected Federal Reserve rate hike.</p>


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<p>Former Philippines president Rodrigo Duterte appeared in public on Wednesday for the first time since being transferred to the International Criminal Court 18 months ago to face murder charges regarding his war on drugs.</p>


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<p>US import prices surged in August amid solid increases in the costs of capital and consumer goods, suggesting inflation could rise further in the coming months.</p>


<p>US retail sales rebounded more than expected in August as households stepped up purchases of motor vehicles and stocked up for the new school year, reinforcing the economy's resilience even as consumers grow more anxious about high inflation.</p>
