DRB-HICOM quashes talk of change at the helm of Proton

Kuala Lumpur: DRB-HICOM Bhd yesterday stressed that its priority now was to formulate a business plan for the national car maker, quashing market talk of changes of key personnel at Proton Holdings Bhd (Proton)."We refer to the various news reports on changes of key personnel at Proton.

"We wish to clarify that DRB-HICOM Bhd and Zhejiang Geely Holding Group Co Ltd (Geely) are currently still in the process of finalising details of the transaction (recent acquisition)," it said in a statement yesterday.

DRB-HICOM said the first priority for both parties at this time, as part of the agreed items of the definitive agreement signed on June 23, was to formulate a solid business plan that can ensure Proton would be on a solid footing as it embarked on a new journey.

It, however, added that any material announcement in this regard, if any, will be made in due course.

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Geely purchased a 49.9 per cent stake in Proton. It also acquired a majority share of 51 per cent of Lotus Advance Technologies Sdn Bhd from Proton.

At the time of the acquisition, Geely's Chairperson Li Shufu said the company's priority was to turn around ailing Proton.

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Several local dailies reported that Li Chunrong, who was recruited by Geely last month, was rumoured to become Proton's next Chief Executive Officer.

Talks are rife after China's state news agency, Xinhua, reported that Li Chunrong, who was Deputy General Manager at Dongfeng Honda Engine Co, was picked by Geely to oversee operations in Proton. – Bernama

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