Proton FSP bidders still in the running

SHAH ALAM: DRB-Hicom Bhd said all bidders vying to be a foreign strategic partner (FSP) of Proton Holdings Bhd are still in the running after China’s Geely Automobile Holdings is said to have withdrawn its bid to acquire a controlling stake in Proton.

Geely founder Li Shufu had said that DRB-Hicom kept changing its plans for Proton.

In a statement last Friday, DRB-Hicom said it is now evaluating the bids and is targeting to complete the process by the end of the second quarter.

“We have also stated that the process is a complex one, and DRB-Hicom intends to ensure that the chosen FSP will result in a win-win situation for all parties. The nature of negotiations is such that each party will look to secure the most beneficial deal that aligns with their own plans. It is a common process of negotiations that the bar is raised and lowered throughout the process, depending on what is put on the table,” it said.

DRB-Hicom noted that it intends to see through the evaluation process and bring on-board a FSP that is able to both improve Proton’s future and benefit from Proton’s own strengths and capabilities.

“We will make the announcement as soon as this process is completed,” it said.