Proton confirms talks with GM

Proton Holdings Bhd today confirmed that talks with General Motors Corp (GM) are only at a preliminary stage but did not reveal further details.

In a filing to Bursa Malaysia today, the national car maker said should there be further developments that warrant an announcement, Proton would make the necessary disclosure accordingly.

The company was responding to a query by the local bourse operator over a news report that Proton is in talks with GM to sell up to 50 per cent stake in its Tanjung Malim plant.

Meanwhile, Proton also maintained that Mohd Nadzmi Mohd Salleh’s bid for Proton is a bid in his own personal capacity as an individual.

The company said this in response to a query by Bursa Malaysia relating to an article appearing in The Star which stated that Mohd Nadzmi, the Proton chairman, has confirmed that he has put in a bid for state fund Khazanah Nasional Bhd’s 42.7 per cent stake in Proton.

It added the reference to “a management buyout in a sense” is correct only insofar as it is Mohd Nadzmi’s intention to retain most of the current management team in the event his bid is successful.

– Bernama