The Wall Street Journal-20080213-DRB-Hicom Bhd-- Venture Will Be Formed With Suzuki and Itochu

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DRB-Hicom Bhd.: Venture Will Be Formed With Suzuki and Itochu

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Malaysian conglomerate DRB-Hicom Bhd. yesterday said it agreed to form a joint venture with Suzuki Motor Corp. and Itochu Corp. to promote and sell Suzuki vehicles in Malaysia. DRB-Hicom, a Suzuki distributor through its wholly owned unit Suzuki Malaysia Automobile Sdn. Bhd., said the agreement calls for Suzuki Motor and Itochu to subscribe to new Suzuki Malaysia shares. Suzuki Motor will pay 14 million ringgits ($4.3 million) for a 40% stake in Suzuki Malaysia while Itochu, a trading firm, will pay seven million ringgits for a 20% stake. DRB-Hicom will hold the remaining 40%. DRB-Hicom added that it expects the joint venture to be formed in the first quarter of this year.