Translate
29 September 2016
PROTON shortlisted five potential foreign partners for a tie-up that includes an equity sale aimed at reviving the loss-making company.
KUALA LUMPUR, Malaysia (AP) -- The owner of Malaysian national carmaker Proton said Wednesday it has shortlisted five potential foreign partners for a tie-up that includes an equity sale aimed at reviving the loss-making company.
Syed Faisal Albar Syed Ali Rethza Albar, managing director of conglomerate DRB-Hicom, says it will remain a "substantial" shareholder of Proton but doesn't rule out selling a majority stake.
DRB-Hicom, which is involved in the auto, banking, services and property sectors, took over Proton from the government in 2012 but has failed to resuscitate the carmaker. The government had to give Proton a 1.25 billion ringgit ($312 million) loan earlier this year on condition that it seeks a strategic partner.
Syed Faisal, who is also Proton's chairman, said it received many proposals but has "nailed down five."
"We are seriously looking at five (bidders) now," he told reporters. "We would like to complete it by the middle of next year but we are striving to close it by the first quarter of next year."
Asked if DRB-Hicom will sell a majority stake, he said: "This is something that is still up in the air. Certainly if you ask me if we are going to sell 70 or 80 percent, definitely not."
Syed Faisal said DRB-Hicom will have to study the proposals to see what is being offered, and how the bidders could provide a strategic, operational and cultural fit for Proton. He declined to name the bidders, saying it was premature.
Local media said DRB-Hicom is considering proposals from Germany's Volkswagen group, Japan's Suzuki Motor and French automakers Peugeot and Renault, among others.
Once the king of Malaysia's roads, Proton's fortunes have dwindled, with its market share falling to under 30 percent from more than two-thirds a decade ago due to greater competition. Proton has for long sought a foreign partner but failed to seal tie-ups due to the government's insistence on maintaining control over the company.
Popular Posts - Last 7 days
-
Dua buah helikopter milik Angkatan Tentera Malaysia (ATM) dilaporkan terhempas ketika menjalani raptai di Kem Tentera Laut Diraja Malaysi...
-
Dua helikopter TLDM bertembung semasa Latihan Lintas Hormat Sambutan Hari Ulang Tahun TLDM Ke-90. Pesawat HOM (M503-3) yang membawa tujuh or...
-
PM Anwar tubuh Jawatankuasa Penasihat Dasar Kepada Perdana Menteri - PMO Bernama 22/04/2024 PM Anwar tubuh Jawatankuasa Penasihat Dasar Ke...
-
TOP 100 AIRPORTS https://www.worldairportawards.com/worlds-top-100-airports-2024/
-
KL20 Summit 2024 to attract high-quality investments - PM Bernama 22/04/2024 PM Datuk Seri Anwar Ibrahim said the summit marks a comprehens...
-
70 PCT OF PROPERTY DEVELOPMENT IN FOREST CITY SOLD - EXCO 20/04/2024 KULAI, April 20 (Bernama) -- Seventy per cent of the property develop...
-
KKM kenal pasti modus operandi penjaja makanan warga asing, perketat pemantauan Bernama 21/04/2024 Dr Dzulkefly Ahmad berkata justeru, pasu...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
Paris court grants Malaysia's application to suspend claims by purported heirs of Sultan Jamalul Kiram II Bernama Julai 13, 2022 Dr Wa...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
►
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
▼
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)