Proton partner search ‘a complex process’

KUALA LUMPUR: DRB-Hicom Bhd (DRB-Hicom) yesterday reiterated that it would conclude and announce a decision a foreign strategic partner (FSP) for its wholly-owned carmaker, Proton Holdings Bhd (Proton), within the first half of this year.

“We will, however, endeavour to complete as early as possible. The search is complex and thus, a time-consuming process,” it said in a statement.

Upon receipt of the bids, DRB-Hicom said it would start detailed negotiations with the bidders to ensure the key considerations of strategic, operational and culture fit are met by the potential FSP.

The conglomerate explained it would start the process for internal approvals, including convening a shareholders’ meeting; as well as, obtain necessary regulatory approvals and clearance that would pave the way for the selected FSP to acquire shares in Proton. – Bernama