KUALA LUMPUR – The choice of the strategic investor to lead Proton Holdings Bhd was the absolute decision by DRB-Hicom Bhd as the owner of the national car manufacturer, said Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.
“It’s up to DRB-Hicom to make that decision and it is not related to the government. However, I am made to understand that DRB-Hicom will continue to drive the management of Proton. Nevertheless, it’s a private decision,” he said when asked to comment on the status of Proton management.
He was met at a seminar on the ASEAN Economic Community here today.
DRB-Hicom had signed an agreement with Zhejiang Geely Holding Group Co Ltd based in China to pave the way for it to buy a 49.9 per cent stake in Proton.
The agreement was expected to enable Proton to tap into the vast range of platforms and powertrains, as well as open up opportunities for Proton to gain access to the existing markets of the Chinese carmaker.
Geely, the owner of Volvo Car Corporation and The London Taxi Company, is one of the major manufacturers of passenger cars in China. – BERNAMA