Malaysia not privatising Proton - report |
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Published
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Thu, 12 Jul 2007 11:37
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KUALA LUMPUR (Thomson Financial) - The Malaysian government is not planning to privatise ailing national car maker Proton Holdings Bhd, the official Bernama news agency reported, citing Second Finance Minister Nor Mohamed Yakcop.'We are not taking (Proton) private,' Nor Mohamed was quoted as saying.The government, via its investment arm Khazanah Nasional Bhd, controls a 43 percent stake in Proton.The minister said discussions are ongoing between Proton and Germany's Volkswagen and the government wants to forge a deal for Proton sooner rather than later.'We are really putting it on a fast track and trying to solve it as soon as possible,' said Nor Mohamed.The government is in search of a foreign partner for Proton since last year to help turn the ailing carmaker around.Proton made a net loss of 591.36 million ringgit in the financial year ended March -- having made a net profit of 46.69 million the year before -- after sales plunged 37 percent to 4.9 billion ringgit.(1 US dollar = 3.44 ringgit)aipeng.soo@thomson.comas/jgCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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VW denies report that it plans to acquire 51 pct stake in Proton unit 