DRB-HICOM

DRB-HICOM Berhad is a Malaysian diversified corporate group whose principal identity is rooted in automotive manufacturing, vehicle assembly and automotive distribution. Its portfolio also extends into national and regulated services, property and infrastructure, education, logistics, aviation-related manufacturing and defence technology. The group is associated with several strategically important Malaysian businesses, including national carmaker Proton, motorcycle manufacturer Modenas, postal operator Pos Malaysia, Islamic bank Bank Muamalat Malaysia, vehicle-inspection operator Puspakom and defence manufacturer DRB-HICOM Defence Technologies, commonly known as Deftech. The group's institutional history combines two corporate lineages. Heavy Industries Corporation of Malaysia Berhad, or HICOM, was incorporated in 1980 as part of Malaysia's industrialisation efforts. Diversified Resources Berhad, or DRB, originated as Peerless Assets Sdn Bhd in 1990, adopted the DRB name in 1991 and became publicly listed in 1992. The two groups merged in 1996, creating one of Malaysia's largest conglomerates. The combined company adopted the DRB-HICOM name in 2000. Automotive remains the group's defining business. DRB-HICOM is the majority shareholder of Proton, Malaysia's national passenger-car company. In 2017, Zhejiang Geely Holding Group acquired a 49.9% stake in Proton, creating a strategic partnership while leaving DRB-HICOM as the majority shareholder. Through Proton and other operating companies, the group participates in vehicle production, assembly, components, retailing and after-sales services. Its Malaysian assembly activities have included vehicles associated with Tata Motors, Honda, Isuzu, Mercedes-Benz and Volkswagen. Its distribution interests have also covered brands such as Audi, Mitsubishi, Volkswagen, Proton and Isuzu. Modenas gives the group a corresponding position in Malaysia's motorcycle industry, with Kawasaki as a strategic partner. Beyond finished vehicles, DRB-HICOM has industrial capabilities in components, casting, machining, plastics and advanced composites. CTRM, based in Melaka, supplies composite structures and products to aerospace customers and has counted Airbus, Boeing and Learjet among its customers. Defence operations manufacture and supply armoured and logistics vehicles for military and homeland-security applications, primarily for the Malaysian government. The group also operates education and training institutions focused on automotive and vocational skills. The services portfolio includes postal delivery, logistics, warehousing, freight forwarding, vehicle inspection and Islamic banking. Pos Malaysia provides national postal services and is itself listed on Bursa Malaysia. Bank Muamalat offers Shariah-compliant financial products, while Puspakom operates vehicle-inspection facilities. Property and infrastructure activities have historically included commercial, industrial, residential and hospitality assets. During the late 2010s and early 2020s, the group streamlined this area by disposing of hospitality assets and exiting waste management through transactions involving Glenmarie assets and Alam Flora. DRB-HICOM is therefore best understood not as a single-product consumer brand but as a Malaysian corporate group combining industrial policy-linked assets, automotive operations, infrastructure services and selected international supply relationships. Its business mix reflects Malaysia's efforts to develop domestic manufacturing capabilities while retaining partnerships with global vehicle, aerospace and technology companies.

DRB-HICOM's history reflects the consolidation of Malaysia's industrial-development institutions with a later diversification into services, property and infrastructure. One of its predecessor corporate entities traces its legal history to the New Serendah Rubber Company, incorporated in 1910 under the Companies Enactment 1897. That company became The New Serendah Rubber Company Berhad in 1966 and later changed its name to HICOM Holdings Berhad in 1993 as part of a restructuring process. The HICOM operating lineage relevant to the modern group began in 1980, when the Heavy Industries Corporation of Malaysia Berhad was incorporated. HICOM was associated with Malaysia's drive to establish domestic heavy-industry and manufacturing capacity. Its activities eventually extended into automotive production, vehicle assembly, components and other industrial operations. The second major lineage began with the incorporation of Peerless Assets Sdn Bhd in 1990. The company adopted the name Diversified Resources Berhad, or DRB, in September 1991 and was listed on Malaysia's main stock exchange in September 1992. DRB developed a broad portfolio that included automotive and related businesses, contributing to the emergence of a large Malaysian diversified group. In 1996, DRB and HICOM merged. The combination brought together industrial manufacturing capabilities and a wider diversified-business platform. The resulting group was listed on the Main Board of the Kuala Lumpur Stock Exchange, now Bursa Malaysia, and adopted the DRB-HICOM name on 11 May 2000. Automotive became the central organizing theme of the group, but the portfolio continued to include postal services, banking, logistics, vehicle inspection, property, education and defence. A major turning point came in the automotive sector in 2017, when Zhejiang Geely Holding Group acquired a 49.9% interest in Proton. DRB-HICOM remained the majority shareholder. The partnership gave Proton access to Geely's vehicle technologies, platforms and international automotive capabilities while preserving Proton's position as a Malaysian national car company. DRB-HICOM also maintained a significant role in motorcycle manufacturing through Modenas, which operates with Kawasaki as a partner. The group developed a further industrial specialization through CTRM, a Melaka-based manufacturer of advanced composite products for the aerospace sector. Its customer base has included major aircraft and business-jet companies, and its Batu Berendam facility has been described as having one of the largest concentrations of autoclaves in an ASEAN manufacturing site. Other industrial subsidiaries produce castings, machined parts, plastics and automotive components. DRB-HICOM's services portfolio grew around businesses with national or regulated significance. Pos Malaysia became the group's postal-services platform, while Bank Muamalat provided Islamic banking and Puspakom operated vehicle-inspection centres. Pos Logistics added warehousing, distribution, freight forwarding and haulage capabilities. Defence activities were organized through DRB-HICOM Defence Technologies, which designs and manufactures armoured and logistics vehicles for military and homeland-security uses. During the late 2010s, management began narrowing parts of the property and services portfolio. In March 2018, DRB-HICOM announced a cash-and-land-swap transaction involving several land plots and all of its hospitality assets. The transaction included Glenmarie Golf & Country Club, Holiday Inn Glenmarie Kuala Lumpur and Vivanta by Taj at Rebak Island Marina, and was completed on 31 December 2020. In August 2018, the group announced the sale of Alam Flora and its environmental-services unit to Malakoff Corporation for a reported transaction value of RM1.0 billion; the sale was completed on 5 December 2019 after extensions. These disposals represented a move away from hospitality and waste-management activities and toward a more focused combination of automotive, industrial, infrastructure and selected services businesses. Today, DRB-HICOM remains a publicly listed Malaysian group whose economic identity is anchored by Proton, automotive assembly and distribution, component manufacturing, national services, aerospace composites and defence technology. Its structure combines wholly or majority-owned subsidiaries with strategic associates and international operating partners.

1. 2020Hospitality exit completed

   The disposal of the group's hospitality assets was completed on 31 December 2020.

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2. 2019Alam Flora disposal completed

   The sale of Alam Flora and DRB-HICOM Environmental Services to Malakoff Corporation was completed on 5 December 2019.

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3. 2017Geely becomes Proton partner

   Zhejiang Geely Holding Group acquired a 49.9% interest in Proton, with DRB-HICOM retaining majority ownership.

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4. 2000Present corporate name adopted

   The combined group adopted the DRB-HICOM name on 11 May 2000.

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5. 1996DRB and HICOM merge

   The two Malaysian corporate groups merged to create a major diversified conglomerate.

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6. 1992DRB listed

   Diversified Resources Berhad was listed on Malaysia's main stock exchange.

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7. 1990DRB predecessor established

   Peerless Assets Sdn Bhd was incorporated and later became Diversified Resources Berhad.

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8. 1980HICOM incorporated

   Heavy Industries Corporation of Malaysia Berhad was incorporated as an industrial-development vehicle.

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9. 1966Predecessor adopts Berhad form

   The New Serendah Rubber Company Limited changed its name to The New Serendah Rubber Company Berhad.

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10. 1910Predecessor company incorporated

    The New Serendah Rubber Company Limited was incorporated under the Companies Enactment 1897, providing part of the corporate lineage later associated with the group.

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Diversified Malaysian industrial and services conglomerate with a strong automotive core and substantial exposure to nationally significant infrastructure, logistics, financial, defence and education activities.

• ProtonPassenger vehicles

  Proton is Malaysia's national passenger-car company and DRB-HICOM's most prominent automotive holding. DRB-HICOM retains majority ownership, while Zhejiang Geely Holding Group holds a 49.9% interest following the 2017 strategic transaction. Proton's activities include vehicle development, manufacturing, assembly, distribution and after-sales support.

• ModenasMotorcycles

  Motosikal Dan Enjin Nasional, known as Modenas, is Malaysia's national motorcycle manufacturer. The business produces motorcycles and related components and operates with Kawasaki as a strategic partner. It broadens DRB-HICOM's automotive presence beyond passenger and commercial vehicles.

• Automotive assembly operationsVehicle assembly

  DRB-HICOM's assembly operations manufacture or assemble vehicles for international automotive partners in Malaysia. The group has been associated with Tata Motors, Honda, Isuzu, Mercedes-Benz and Volkswagen, supporting local production as well as the development of Malaysian manufacturing capabilities.

• CTRMAerospace composites

  CTRM is a specialist composite-products manufacturer based in Melaka. Its aerospace work has served customers including Airbus, Boeing and Learjet. The company's manufacturing infrastructure includes a large autoclave capacity and represents DRB-HICOM's participation in higher-value aerospace supply chains.

• DeftechDefence technology

  DRB-HICOM Defence Technologies designs, develops, manufactures and supplies armoured and logistics vehicles for military and homeland-security applications. Its principal customer base is the Government of Malaysia, making the business part of the country's strategic defence-industrial capability.

• Pos MalaysiaPostal services

  Pos Malaysia is Malaysia's national postal-services provider and a listed company associated with the DRB-HICOM group. Its activities include mail and parcel services and related logistics operations, giving the group exposure to a nationwide service network.

• Bank Muamalat MalaysiaIslamic banking

  Bank Muamalat Malaysia is an Islamic bank offering financial products and services structured to comply with Shariah principles. Its inclusion gives DRB-HICOM a presence in regulated financial services alongside its industrial and infrastructure businesses.

• PuspakomVehicle inspection

  Puspakom operates vehicle-inspection centres in Malaysia. The business supports regulatory and safety-related checks for vehicles and complements DRB-HICOM's broader automotive ecosystem of manufacturing, distribution, servicing and compliance.

• DRB-HICOM University of Automotive MalaysiaAutomotive education

  DRB-HICOM University of Automotive Malaysia is an education institution focused on automotive-related higher education and skills development. It forms part of the group's effort to support technical talent for Malaysia's automotive sector.

• 2018Reposition the property portfolio and exit hospitalityStrategy

  DRB-HICOM announced a change in the direction of its property activities and sought to simplify the portfolio.

  What changed. The group announced a cash-and-land-swap transaction involving several land parcels and all of its hospitality assets, including Glenmarie Golf & Country Club, Holiday Inn Glenmarie Kuala Lumpur and Vivanta by Taj at Rebak Island Marina.

  Aftermath. The transaction was completed on 31 December 2020 and represented an exit from the group's hospitality activities.

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• 2018Dispose of Alam Flora and environmental-services operationsM&A

  The group reviewed non-core services and announced the sale of its waste-management business.

  What changed. DRB-HICOM agreed to sell Alam Flora and DRB-HICOM Environmental Services to Malakoff Corporation Berhad.

  Aftermath. The transaction, reported at RM1.0 billion, was completed on 5 December 2019 after extensions of time.

  Reported transaction value. RM1.0 billion (2018 announcement; completed 5 December 2019)

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• 2017Sell a minority interest in Proton to GeelyM&A

  Proton required stronger access to vehicle technology, platforms and international markets while DRB-HICOM sought a strategic partner for Malaysia's national carmaker.

  What changed. DRB-HICOM entered a partnership under which Zhejiang Geely Holding Group acquired a 49.9% equity interest in Proton. DRB-HICOM remained the majority shareholder.

  Aftermath. The transaction connected Proton with Geely's global automotive resources and became a central element of Proton's subsequent strategic direction.

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• 2020Hospitality asset transaction completed

  The previously announced disposal of DRB-HICOM's hospitality assets was completed on 31 December 2020, marking the group's exit from that part of the property portfolio.

  M&A
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• 2018DRB-HICOM announces disposal of hospitality assets and property repositioning

  The group announced a cash-and-land-swap transaction involving several land parcels and its hospitality assets, including Glenmarie Golf & Country Club, Holiday Inn Glenmarie Kuala Lumpur and Vivanta by Taj at Rebak Island Marina.

  M&A
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• 2018Alam Flora sold to Malakoff

  DRB-HICOM announced the sale of Alam Flora and DRB-HICOM Environmental Services to Malakoff Corporation. The transaction was completed after extensions in December 2019.

  M&A
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• 2017DRB-HICOM and Geely establish a strategic partnership for Proton

  Zhejiang Geely Holding Group acquired a 49.9% equity interest in Proton, while DRB-HICOM retained majority ownership. The arrangement linked Proton with Geely's vehicle platforms, technology and international automotive network.

  M&A
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1. DRB-HICOM
2. DRB-HICOM official website