Proton partner to be chosen by first half of 2017

By THE STAR | 7 February 2017


KUALA LUMPUR: DRB-Hicom Bhd expects to pick the foreign strategic partner (FSP) for Proton Holdings by the first half of 2017, if not earlier, once the bids and evaluation have been completed.

It said today it was awaiting bids from the potential partners for Proton Holdings following the completion of their own due diligence on the national car manufacturer over the past weeks.

“DRB-Hicom is now waiting for the submission of bids from the parties, after which an earnest evaluation of the bids will commence.

“Also as stated previously, we aim to complete the selection by the first half of this year, although we strive to conclude it earlier and this remains the target for DRB-Hicom,” it said.

DRB-Hicom stated a FSP for Proton was critical to ensure the sustainability of the national carmaker.

It also said its stance about maintaining a significant equity in Proton has not changed.

“The FSP search is not about shirking our national responsibility but about enhancing Proton as a bona-fide carmaker, and eventually putting them, and Malaysia, on the global map.

DRB-Hicom would also assess the intention of the potential partners in utilising the current “home-grown” vendor network.

“This is a very significant element in our evaluation, as DRB-Hicom who also own subsidiaries serving Proton as vendors, would avoid for these 'home-grown' network to be diluted substantially,” it said.

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