Malaysia govt considering selling 42.74 pct stake in Proton - report |
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Wed, 18 Jul 2007 14:15
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KUALA LUMPUR (Thomson Financial) - The government wants to sell its 42.74 percent stake in national carmaker Proton Holdings Bhd but will not do it hastily, the official Bernama news agency reported in a despatch from Tokyo, citing Malaysia's International Trade and Industry Minister Rafidah Aziz.'What we are looking for now is for somebody to buy the government-owned shares and that somebody should be able to provide the right kind of technology,' Rafidah said.'So, that is the status. It is just like a marriage. You just don't get married. Check first and discuss. Similarly, you cannot sell off just like that, it must be a right partner who knows the industry. Not just somebody that has money,' she was quoted as saying.The government holds the shares via its investment arm Khazanah Nasional Bhd, while the employees provident fund (EPF) and national oil company Petronas own 12.07 percent and 8.84 percent, respectively.However, the minister was quick to point it doesn't matter when and if the government really does sell its shares.'We can keep it,' she said, but to move forward, Proton needed a suitable technology partner to improve its cars and find new markets.Asked if the government will continue the national car project, Rafidah, who was in Tokyo on a trade and investment mission, said Proton will continue to be a car manufacturer.'Proton as a company will continue, no doubt about it, but it must have a future strategy. They must have the right kind of partnership from Japan or anywhere in the world so that they can expand their production base,' Rafidah said.As for talks between Proton and Germany's Volkswagen AG, Rafidah said the negotiations were still ongoing.'I don't know the details on what they are negotiating. What I know is that there are some requests from the Proton side and some requests from the Volkswagen side that are not resolved,' she said.(1 US dollar = 3.45 ringgit)munfoo.hong@thomson.commfh/zrCOPYRIGHTCopyright 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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Malaysia's Proton, VW still in partnership talks - govt investment agency 