Business

Wednesday June 3, 2009

Weststar aborts LDV purchase


PETALING JAYA: Weststar Group has decided not to proceed with the purchase of Britain-based van maker LDV Group Ltd, according to a Bloomberg report yesterday, quoting Sky News.

It was reported last month that Weststar Group, a local company controlled by Datuk Seri Syed Azman Syed Ibrahim, would acquire LDV from Russian carmaker GAZ, for £1.

Weststar in a statement said then that it had agreed to buy LDV, which owned an automotive facility, estimated to be worth £200mil, in Birmingham.

Syed Azman said a four-week bridging loan of £5mil was being provided by the British government to keep the struggling LDV afloat while Weststar completed the deal.

He had not disclosed the purchase price for the van maker then.

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