A statement has been given by Proton Berhad regarding the completion of the sale of it’s stake in MV Agusta SpA to Gevi SpA on 1st March 2006. As of 1st March 2006, Proton has dumped it’s entire 57.75 stake in the Italian motorcycle company.
Gevi SpA will assume MV Agusta’s restructured frozen debts of 106.9 million euros (473.7 million ringgit) and shoulder working capital requirments of 32.5 million euros (144 million ringgit).
Proton MD Syed Zainal Abidin Syed said, “There was no doubt that by continuing to have MV Agusta in Proton’s stable would definitely have put Proton at great risk should the company fall into bankruptcy. The disposal therefore would minimise the risk of this exposure to the company.”