Proton Holdings Berhad issues a statement to the media denying any awareness of an approach by General Motors to take up a stake in Proton. Proton says any matter of stakeholding is between the stake buyer and shareholders and it has no knowledge on it, but this contradicts previous reports saying GM officials have met up with Proton management since November 2006. Forbes also reported that Second Finance Minister Nor Mohamed Yakcop confirmed that GM is interested in Proton and the government will be evaluating the proposal along with others, with results to be announced by the end of Q1 2007.
This is General Motors’ third approach to Proton, with the first back in 1998, and the second through it’s Korean subsidiary Daewoo in 2003. It seems that in it’s latest proposal, General Motors wants to use Malaysia as a lower-cost centre to develop car parts for its plants worldwide.
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