DRB-HICOM to discuss Geely, PSA bids tomorrow?
KUALA LUMPUR: Proton Holdings Bhd’s parent DRB-HICOM Bhd plans to meet this week to discuss proposals from China’s Zhejiang Geely Holding Group Co and France’s PSA Group, according to Bloomberg.
The meeting would take place tomorrow, the wire service quoted a person with knowledge of the situation, asking not to be identified because the deliberations were private.
Proton is seeking to sell a stake of as much as 51 per cent to a foreign buyer in order to keep factories open and develop new models.
Proton’s search for a buyer began last year.
The government stepped in last April to make a RM1.5 billion loan to the national carmaker, which allowed it to avoid defaulting on obligations to suppliers.
The deal came with a significant catch — Proton would need to find a major new investor to put it on a more sustainable financial footing.