KUALA LUMPUR (Oct 11): Six months after DRB-Hicom Bhd inked memorandums of understanding (MOUs) with China’s Zhejiang Geely Holding Group Co Ltd and the Perak government in regard to the development of the Automotive HiTech Valley (AHTV) in Tanjong Malim, no definitive agreement has been produced.

In a bourse filing, DRB-Hicom said the six-month validity period of its MOU with Geely was about to lapse, and it was in talks with the Chinese automotive group to extend the duration.

“DRB-Hicom wishes to inform that DRB-Hicom and Geely are in discussion to extend the duration of the MOU,” the group said in an update on the MOU.

Meanwhile, touching on its two-year MOU with the Perak government, DRB-Hicom said it was still in the midst of discussion to finalise a definitive collaboration agreement.

“Any material and significant development will be updated accordingly,” the group added.

DRB-Hicom had previously said that the AHTV aimed to be the next-generation vehicle hub in Tanjong Malim, covering an extensive automotive and mobility solutions value chain.

It would comprise a full-fledged high-technology research and development centre to a manufacturing cluster, as well as supporting services and associated ecosystems including logistics, research university, training and learning institutions within a smart city, the group said.

Shares in DRB-Hicom ended down five sen or 3.79% at RM1.27 on Tuesday (Oct 11), giving the group a market capitalisation of RM2.46 billion.