Proton shares jumped 11 per cent to a high of RM9.35 but later eased to close at RM9.15, an 8.3 per cent gain for the day after it’s board announced it’s on the lookout for a new CEO after the non-renewal of it’s current CEO Tengku Mahaleel Ariff’s contract.
Trading was heavy, with 12.4 million Proton shares changing hands, more than 10 times the normal 1.1 million shares traded the day before.
Investment firms raised their recommendations on Proton shares as it is believed the removal of Tengku Mahaleel will pave way for a successful tie-up with Volkswagen AG, including the German automobile manufacturer taking up a stake in Proton.
After dabbling for years in the IT industry, Paul Tan initially began this site as a general blog covering various topics of personal interest. With an increasing number of readers paying rapt attention to the motoring stories, one thing led to another and the rest, as they say, is history. An avid electronic gadget aficionado as well as big-time coffee lover, he's also the executive producer of the Driven motoring TV programme.
proton is undervalued all this while, l think some other positive news on it might boost its price further
finally, got rid of the bottleneck.