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).
Short piece of news. Proton Holdings and MV Agusta management met up on Wednesday to discuss MV Agusta’s future, according to Corrierre della Sera, citing sources. Proton no longer believes it’s 57.7% investment in MV Agusta is strategic, and they are likely to be seeking a buyer for it’s investment now.
Jeremy Clarkson shows his frustration on companies that seem to take make cars as a pure for-profit matter… perhaps you could call it cars with no ’spirit’ or ‘passion’. The victim - our very own Perodua Kelisa.
UPDATE: Recently this video has caught the attention of our MPs such as DAP-Tanjong MP Chow Kon Yeow and BN-Ledang MP Hamim Samuri. Click here to read more about that issue, or if you already know all about that, just enjoy the video in this post and find out what the fuss is all about.
Hasadi managed to capture these shots of the Satria Replacement Model in Padang Besar, Perlis. The SRM was stuck in mud, so it could not run away from the camera!
Let’s have a look at the designs Proton has registered with the UK Patent Office. I think it will give us an indicator on the SRM’s interior looks, of which no one has been able to get a good interior shot so far.
Dr. M has spoken up again on the issue of his brainchild Proton’s recent two quarterly losses in a row.
“I am surprised that a company which was doing well suddenly reports losses (RM158 million pre-tax loss). It is difficult to believe that it was because they purchased (motorcycle manufacturer) Agusta. If Agusta had debts, then the purchase price would have been lower. Why did Proton buy it for a higher price? There must be a mystery here and we have to get to the bottom of it. But as I have said before, be prepared for more bad news from Proton.”
I’m not sure if Dr. M really knows what goes on in the directors meeting room at Proton, and he himself has said as an Advisor he is usually only consulted after making management decisions and not before. So we don’t really know if his statements carry any weight. Let’s wait and see.
Proton Managing Director Syed Zainal Abidin Syed Mohd Tahir gave some insights on his first steps to turn around loss-making Proton when his appointment as Proton MD takes effect on January 1 2006 for a 3-year period contract.
Syed Zainal had this to say:
“I believe in Proton with a passion and it is this passion that will drive us to make a greater push into selected export markets, while at home we will work doubly hard to defend Protons standing in the domestic market as Malaysias number one brand. We cannot be complacent like what we have done before. We really have to rejuvenate and go forward, and that means a lot of hard work. The basic housekeeping must be done. We have to have teamwork and be transparent.”
Some spyshots of the Proton SRM Satria Replacement Model on the PLUS highway taken by Fariz Abdullah. Thanks Fariz for the photos! There are some front shots this time, but the infamous cardboard intercooler is missing this time
Proton has named the successor to Tengku Mahaleel. With the title of Managing Director, Syed Zainal Abidin Tahir, 43 years old this year, will take over the helm of Proton and steer it into the AFTA era. Syed Zainal is currently executive director of Perodua’s manufacturing arm.
Other management changes would be Datuk Kisai Rahmat being appointed executive director of Proton’s engineering and manufacturing division. Two other key management positions – head of sales and marketing, and head of strategy and corporate services have yet to be filled.
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.
Jeremy Clarkson shows his frustration on companies that seem to take make cars as a pure for-profit matter… perhaps you could call it cars with no ’spirit’ or ‘passion’. The victim - our very own Perodua Kelisa. 
Proton has named the successor to Tengku Mahaleel. With the title of Managing Director, Syed Zainal Abidin Tahir, 43 years old this year, will take over the helm of Proton and steer it into the AFTA era. Syed Zainal is currently executive director of Perodua’s manufacturing arm.
