Saturday, March 25, 2017

DRB-HICOM says that all Foreign Strategic Partner Bidders are still in the running - Move along folks, let's just wait till mid-2017.

There have been news recently that Geely, the China auto maker, who is purportedly in the running to become Proton's foreign strategic partner has dropped out of contention. Geely and the French PSA group have been seen as the fore-runners in this exercise and such a news is indeed worrying to some. 


I say to some lah. It is because most of the time I am reading stuff about people on social media suddenly jumping up and down, becoming industry analysts and so forth. I also do not care about all of these rumours and what not. I suppose this is because I am one of those who would wait for the actual results. 

Of course, DRB-HICOM, who own Proton would still need to calm the nerves of the stakeholders. As such, they have announced that all bidders are still in the running. This would mean that Geely would still be placing a bid for Proton. 

I am just waiting what comes next. Speculating does not put a mug of coffee on my desk usually.

PRESS RELEASE

ALL PROTON FSP BIDDERS STILL IN THE RUNNING;

EVALUATIONS ON-GOING

Shah Alam, 24 March 2017: DRB-HICOM Berhad (DRB-HICOM) wishes to state that the search for a foreign strategic partner (FSP) for PROTON Holdings Bhd (PROTON) is on-going and that, as we stated in February, we aim to complete the process by the end of the second quarter 2017.

We also confirm that all bidders are still in the running, and we are now evaluating these bids. We have also stated that the process is a complex one, and DRBHICOM 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 is a common process of negotiations that the bar is raised and lowered throughout the process, depending on what is put on the table.

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

ENDS

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