A foreign strategic partners, on the other hand, is supposed to help Proton with developing better products

To clear the air, second minister of International Trade and Industry Datuk Seri Ong Ka Chuan said yesterday that, despite what many have been saying, Proton Holdings is not selling 51 per cent of its shares to a foreign company.

"The government is not relinquishing the country's proprietary rights. We are looking at the opportunities to help Proton grow more efficiently, so that it would be at par with other big brands in the global car industry," he said.

The minister added that the government was instead encouraging Proton to seek a foreign strategic partner to recharge the brand and that it remains competitive in the international market.

What Proton is doing right now is identifying the right partner and the government will not make the announcement on Proton’s behalf as the company is owned by DRB-HICOM.

Ong Ka Chuan also explained that Proton’s future rests on the international market.

While Proton, by the looks of it, is not for sale, we do know that the Tanjong Malim factory is the cake everyone is after. With the trade agreements within ASEAN, a ‘local’ manufacturing plant would be the best way to capitalise this and at the end of it provide cheaper cars for potential customers.

Long story short, there is a difference between selling Proton and selling a stake in its flagship factory. It’s about time everyone realises this.

Source: Bernama