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.