DRB-Hicom To Capitalise On New Opportunities From NAP

KUALA LUMPUR, Oct 19 (Bernama) -- DRB-Hicom Bhd is looking forward to capitalise on new opportunities that will emerge as direct and indirect results from the implementation of the National Automotive Policy (NAP).

In response to the release of the NAP framework today, its group chairman Tan Sri Mohd Saleh Sulong said the new ruling on the issuance and administration of Approved Permits (APs) would afford Malaysian automotive companies better profitability and value for their shareholders.

"We are pleased that the policy sets a more dynamic and transparent paradigm for the Malaysian automotive industry, enabling companies to leverage on their capabilities and become more competitive in the region," he said in a statement, Wednesday.

Mohd Saleh said DRB-Hicom welcomed the automotive policy as it has removed market uncertainties and would enable local automotive companies to prepare for a new operating environment as mapped out by the policy.

The policy, according to him, will usher a new era for the Malaysian automotive industry towards making the country a regional car-making hub.

"DRB-Hicom is confident that we will perform well in the new automotive environment," he said.

Meanwhile, the government today announced 10 immediate measures set for implementation in the framework ahead of the announcement of the NAP, scheduled in one to three months.

Among the measures was that which allowed Bumiputera-controlled public-listed companies to apply directly for APs, exempting them from the 70 percent Bumiputera shareholding requirement for franchise APs.

The government also said that exclusive franchise holders of certain vehicle brands such as DRB-Hicom and Sime Darby could import the vehicles directly rather than through intermediaries.

-- BERNAMA