KUALA LUMPUR (Jan 6): PROTON HOLDINGS BHD [] has confirmed The Edge weekly report that the national car maker is in talks with General Motors Corp (GM) but they are only at a preliminary stage.
The national car maker said its replies to queries from Bursa Malaysia on Friday that as these talks were only at a “preliminary stage” and as such warrants no announcement at this point in time.
Proton said it there should there be further developments that warrant an announcement, it would undertakes to make necessary disclosure in accordance with the relevant requirements.
The Edge weekly reported that Proton’s top management was said to be in talks with GM to sell up to 50% stake in its Tanjung Malim plant. It also added GM could buy a 40% to 50% stake in the plant for between RM700 million and RM800 million.
On a separate note when responding to a newspaper report about Proton chairman Datuk Seri Mohd Nadzmi Mohd Salleh's bid for the car maker, Proton stated it was a “bid in his own personal capacity as an individual”.
Proton said he had earlier informed the board about his plan to make a bid for Khanazah Nasional Bhd’s 42.7% stake in Proton.
“Datuk Seri Mohd Nadzmi would like to clarify that management had merely expressed its concern about the persistent takeover rumours which were hampering the strategic direction of the Company, especially those which involved potential collaborations with foreign OEMs,” it said.
Clarifying the statement about "a management buyout in a sense", Proton said it was correct only insofar as Nadzmi's intention to retain most of the current management team in the event his bid is successful.
The national car maker said its replies to queries from Bursa Malaysia on Friday that as these talks were only at a “preliminary stage” and as such warrants no announcement at this point in time.
Proton said it there should there be further developments that warrant an announcement, it would undertakes to make necessary disclosure in accordance with the relevant requirements.
The Edge weekly reported that Proton’s top management was said to be in talks with GM to sell up to 50% stake in its Tanjung Malim plant. It also added GM could buy a 40% to 50% stake in the plant for between RM700 million and RM800 million.
On a separate note when responding to a newspaper report about Proton chairman Datuk Seri Mohd Nadzmi Mohd Salleh's bid for the car maker, Proton stated it was a “bid in his own personal capacity as an individual”.
Proton said he had earlier informed the board about his plan to make a bid for Khanazah Nasional Bhd’s 42.7% stake in Proton.
“Datuk Seri Mohd Nadzmi would like to clarify that management had merely expressed its concern about the persistent takeover rumours which were hampering the strategic direction of the Company, especially those which involved potential collaborations with foreign OEMs,” it said.
Clarifying the statement about "a management buyout in a sense", Proton said it was correct only insofar as Nadzmi's intention to retain most of the current management team in the event his bid is successful.
