FILE PHOTO - A Malaysian flag is reflected on a car window at a Proton showroom in Puchong, Malaysia October 3, 2016. REUTERS/Edgar Su/File Photo TPX IMAGES OF THE DAY
KUALA LUMPUR: DRB-Hicom Bhd
said all bidders to be a foreign strategic partner (FSP) for Proton Holdings Bhd are still in the running and it is now evaluating these bids.
The search is ongoing and it aims to complete the process by the end of the second quarter 2017, the conglomerate said in a statement two days after South China Morning Post reported that China’s Geely Automobile Holdings had withdrawn its bid to acquire a controlling stake.
“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,” it said.
“The nature of negotiations is such that each party will look to secure the most beneficial deal that aligns with their own plans. 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.”
Bloomberg had reported Geely founder Li Shufu as saying that DRB-Hicom kept changing its plans.
“They keep changing, today it’s this, tomorrow’s it’s that,” Li said in an interview in Beijing earlier this month.
DRB-Hicom said it planned to see through the evaluation process and bring on-board a FSP that was able to both improve Proton’s future and benefit from Proton’s owns strengths and capabilities.
“We will make the announcement as soon as this process is completed,” the company concluded.
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