Prince buys 3% of Proton

Prince buys 3% of Proton

RIYADH (Reuters): Saudi billionaire Prince al-Waleed bin Talal bought a 3 percent stake in Malaysian car maker Perusahaan Otomobil Nasional (Proton), the prince's Kingdom Holding Co. said yesterday.

"The investment is worth over US$46 million...This investment is the prince's second in the automobile industry," it said in a statement.

Proton is a joint venture between the Malaysian government and Japan's Mitsubishi. The company manufactures, assembles and sells motor vehicles in Malaysia, Vietnam and the Philippines.

The statement said the deal also makes Prince al-Waleed part owner of the British sports car manufacturer Lotus, in which Proton has an 63.7 percent stake.

Last month Prince al-Waleed bought $50.5 million worth of convertible bonds in South Korea's Daewoo Corp.