DRB-Hicom appears set to make a material announcement soon. The conglomerate – Proton’s parent company – had its request for trading suspension approved Bursa Malaysia Securities today, pending the release of a material announcement.
This strongly hints that an announcement related to Proton’s foreign strategic partner (FSP) deal will be made soon.
Chinese automaker Zhejiang Geely and France’s Groupe PSA are the leading contenders to become Proton’s FSP. In March 2017, DRB-Hicom issued a statement that said both bidders were present and accounted for and were still at the negotiation table.
Earlier, second international trade and industry minister Datuk Seri Ong Ka Chuan had said that Proton will be able to announce its FSP by May. Looking at the timing of DRB-Hicom’s request for the suspension in the trading of its securities, it all points to a deal being announced in the coming week(s).
It’s been a long time coming – stay tuned to paultan.org for more updates on this matter.
UPDATE: DRB-Hicom announced today that Zhejiang Geely will be its foreign strategic partner (FSP), with Geely acquiring a 49.9% equity stake in Proton. The deal, which is subject to regulatory and shareholder approval, will also see Geely acquire a majority stake (51%) of Lotus from Proton.
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AI-generated Summary ✨
Comments express mixed sentiments about Geely's 49% stake in Proton, with some hopeful for renovated brand value, cost savings, and better technology, while others worry about Proton's future quality and reputation. Many anticipate increased local and regional market competitiveness, possibly through rebadging or lower prices. Concerns about management, vendor quality, and brand perception prevail, with some critics fearing Proton's decline or similarity to Chinese business practices. Overall, there's cautious optimism blended with skepticism about the deal's long-term impact on Proton and the Malaysian automotive scene.