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A privatisation-cum restructuring exercise of HICOM Holdings, Diversified Resources Berhad (DRB) and Gadek (Malaysia) Berhad (Gadek) was undertaken in November 15. In this exercise, the governments investment holding arm, Khazanah Nasional sold % of its stake in HICOM Holdings Berhad (HICOM) to Gadek through Mega Consolidated Sdn. Bhd
This was followed by the corporate merger and consolidation exercise under which DRB took over Gadek, Gadek Capital Berhad (Gadek Capital) and HICOM via share swaps. The merger saw the birth of the DRB-HICOM Group, a diversified entity with interests in the automotive industry property development and infrastructure, and services. Before the merger, each of the companies had its own beginnings.
Diversified Resources Berhad was incorporated on August 8, 10 had an authorised capital of RM50 million and a paid-up capital of RM6. It was first set up as a public company to restructure the then public listed company Imatex Berhad which now concentrates exclusively on property development. In April 1, DRB expanded its business into the manufacture and assembly of monocoque buses and Pinzgauer all-terrain vehicles and was also awarded the contract for privatisation of automated and computerise inspection of commercial vehicles. To this effect in 14 Pusat Pemeriksaan Kendraan Berkomputer (Puspakom) took over the commercial vehicle inspection. DRB also provided intercity transport through its bus company Intrakota Komposit Sdn. Bhd. In June 14, DRB entered into a joint venture with PROTON which led to the setting up of a company, Usahasama PROTON-DRB Sdn. Bhd. (USPD), to develop, manufacture, sell and distribute variant models of PROTON cars such as Proton Satria and Proton Tiara. In 15 DRB set up MODENAS which develops, manufactures, sell and distributes the Malaysian national motorcycle, small multi-purpose engines and related parts. Another milestone for DRB was the launching of the national truck, HICOM Perkasa which is manufactured through a joint venture between DRB-HICOM and Isuzu by, Malaysian Truck and Bus Sdn. Bhd. DRB has entered into the defence industry to supply military vehicles to the Armed Forces. This was through the establishment of DEFTECH which contributed towards achieving the national self reliance policy in defence production.
GADEK (Malaysia) Berhad was incorporated on 11 July 178 with an authorised capital of RM500 million and paid up capital of RM104 million. Gadeks interest in the financial services and insurance business had been positioned specifically to synergies and support the Groups activities. The finance company, Credit Corporation Malaysia Berhad had derived many innovative financial schemes. Gadeks position was further strengthened by its 68% stake in SEA Insurance Berhad.
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Gadek emerged as a principle player in the national construction industry through Perspec Prime (Malaysia) Sdn. Bhd. Concerned primarily with construction and project management, Perspecs expertise also extends to infrastructure project such as the South KlangValley Expressway (SKVE) in addition to mechanical, electrical and landscaping projects.
Gadek Capital was incorporated on 4 October 14 with an authorized capital of RM00 million and paid up capital of RM174 million. Gadek Capital was activated as a vehicle to facilitate the restructuring and listing of CCM as a wholly owned subsidiary of Gadek Capital which was involved in carrying the business of a licensed finance company on the Main Board of the Kuala Lumpur Stock Exchange.
CCM was incorporated on 6 April 16. The company was principally engaged in the business of a licensed finance company, with a total branch network of 5.
As part of the rationalization programme by the Government to consolidate the financial sector, Gadek Capital had, on December 000 disposed CCM to Hong Leong Bank Berhad. Following the disposal of CCM, Gadek Capital did not have a core business.
On 1 February 00, the entire equity interest in Gadek Capital was disposed to Malton Corporation Sdn Bhd for a total cash consideration of RM480 million.
Last but not least, HICOM Holdings Berhad was incorporated on November 7, 180 as The Heavy Industries Corporation of Malaysia Berhad and was tasked to spearhead Malaysias efforts to develop heavy and technology-intensive industries.
To do this, HICOM embarked on strategic projects which emphasized synergy of heavy industry with supporting and ancillary industries. The Company generated demand for high-quality local made parts and component. It developed domestic vendors from diverse supporting and ancillary industries. Consequently, numerous small private sector concerns producing diecastings and fabricated parts flourished. Engineering products and services too were established.
As a whole, HICOM created a conducive industrial environment of opportunities and incentives to upgrade the standards of local independent engineering and manufacturing based industries.
HICOM has also facilitated the adoption and adaptation of foreign technology through various joint ventures with partners who are leaders in their fields. The result was the successful creation of a skilled workforce.
Since its existence, HICOM has initiated many strategic undertakings. Among them were the development of the National Car Project, extensive industrial estate, high precision diecasting and engineering facilities. HICOMs stable also includes three motorcycle and general purpose engine manufacturing plants, steel pipe company and a cement plant. Some of the unprofitable companies have been divested.
In 1 The New Serendah Rubber Company Berhad undertook a reverse takeover exercise by acquiring 100% of HICOM Bhd. The later subsequently changed its name of HICOM Holdings Bhd. and issued prospectus for the offer for sale of 416,70,1 ordinary shares in January 14.
Today, DRB-HICOM Berhad has reaped the synergistic benefits of all the companies and continues to set milestones.
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