Of the parties bidding for a stake in national carmaker Proton, Khazanah Holdings will sell its 42.7% stake to DRB-Hicom, according to Proton adviser Tun Dr Mahathir Mohamad.
The ex-PM added that that Khazanah was selling because it wasn’t pumping more money into Proton, which needs funds for R&D work on new products such as hybrid cars, according to The Star.
“I worry about the buyer (DRB-Hicom) having enough money to inject into Proton. The shares it will be buying are above market price, which will make profitability difficult,” Tun said at the MIDF Investment Forum in Langkawi. “But I believe in DRB-Hicom’s capabilities,” he said, assuring that the status of Proton as a national car would remain after the ownership change.
It was previously reported that there were three parties bidding for the Government’s stake in Proton – DRB-Hicom, a management buyout led by Proton chairman Datuk Mohd Nadzmi Mohd Salleh and parties linked to the Naza Group. Today’s report reveals that Khazanah had been also approached Sime Darby Motors, Hyundai-Berjaya Sdn Bhd, and UMW Holdings Bhd.
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AI-generated Summary ✨
Comments express concern over Proton's management, quality, and future direction amidst Khazanah selling its stake to DRB-Hicom. Many fear potential decline or loss of national identity, calling for privatization and better governance. Some see the sale as an opportunity for growth through partnerships, while others worry it may lead to further mismanagement or decline. A few comments criticize the company's past, but mostly, there's a desire for Proton to innovate and compete globally.