Proton Holdings has sold it’s 57.57 percent stake in MV Agusta Spa to an Italian company Gevi Spa. Gevi Spa will assume MV Agusta’s debts and working capital requirements totalling 139.44 million euros, as announced today to Bursa Malaysia by Proton Holdings as part of it’s non-core asset divesting exercise.
Interesting to note that Proton originally acquired MV Agusta Spa last year on July 7 2004 for 70 million Euro, and finally sold it for a token sum of 1 Euro (RM4.48).
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AI-generated Summary ✨
Comments express disappointment and frustration over Proton's sale of MV Agusta for only 1 Euro after initial investment, with concerns about mismanagement and poor decision-making. Many believe the purchase was a strategic mistake, emphasizing that Proton failed to leverage the technology and brand properly. Some comments highlight that Proton's management is naive and uncertain about long-term benefits, with accusations of corruption and bad investments, like the MV Agusta deal, which seemingly resulted in hefty losses. Several commenters praise Proton’s efforts to support Malaysian industries but criticize its handling of assets and internal management. Despite the negativity, some still see potential for future improvements and emphasize that Proton's challenges reflect broader issues in Malaysia’s automotive industry and governance. Overall, sentiments skew heavily towards criticism of Proton's business decisions and the perceived squandering of taxpayers’ money.