Search for foreign partner still on: Proton

NST Business

SHAH ALAM: The search for a foreign strategic partner (FSP) for Proton Holdings Bhd (Proton) is on-going and parent company DRB-Hicom Bhd (DRB-HICOM) aims to complete the process by the end of the second quarter 2017.

In a statement yesterday, DRB-HICOM also confirmed that all bidders are still in the running, and the company is now evaluating these bids.

"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 said.

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, the firm explained further.

DRB-HICOM intends to see the evaluation process through and bring an FSP on-board 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.