The tussle for a prized 15.8 percent-stake in Malaysia's government-controlled auto and banking conglomerate DRB-Hicom Bhd has been won by a consortium led by business tycoon S M Nasimuddin Amin, a report said today.

The New Straits Times quoting undisclosed sources said Nasimuddin, who heads the Naza Group car business, was chosen because the automotive division accounted for the bulk of DRB-Hicom's revenue and he could add value to the company.

The government, as DRB-Hicom's major shareholder with a 35 percent stake, felt the decision was in the best interests of all shareholders, the newspaper said.

Surprise concession

Nasimuddin and his rival Syed Mokhtar Al Bukhary, who has interests ranging from property to financial services and ports, have accepted the decision and the government was expected to make a formal announcement soon, the New Straits Times said.

The government's decision came after Syed Mokhtar earlier this week made a surprise concession involving the eventual sale of DRB-Hicom's lucrative auto business to Nasimuddin to end the wrangle but the latter rejected the offer.

Naza assembles and distributes vehicles under South Korea's Kia and Naza brands.

DRB-Hicom, has a 30,000-strong workforce, holds a 34 percent stake in Honda Malaysia, a 20 percent-stake in banking group EON Capital which in turn controls EON Bank, and has interests in property development and construction.

It is also the sole distributor for General Motors' Chevrolet, Citroen and Audi cars.