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Proton-VW talks fruitful

From Star Publications | June 13,2007

Discussions in New York last week with Germany’s Volkswagen AG on a rescue plan for ailing national carmaker Proton Holdings Bhd have been fruitful.

Datuk Seri Abdullah Ahmad Badawi said he was told that a second round of discussions would be held in Bangkok.

The Prime Minister said he was told that the outcome of the talks in New York was positive.

“The fact that they want to have another round of discussions means that both sides are happy with the first results.

“Both sides are in positive mood,” he said when commenting on the latest developments on Proton’s discussions with Volkswagen.

He was speaking to reporters after opening the National Convention of Imams at Universiti Kebangsaan Malaysia here yesterday.

However, Abdullah declined to elaborate on the discussions, saying that he was in no position to give details.

The discussions between Proton and Volkwagen were meant to give a clearer direction for Proton, which posted a net loss of RM591.36mil for the year ended March 31, 2007, versus a net profit of RM46.69mil the previous year.

Analysts had repeatedly said that Proton, whose cash pile is depleting, needed a strategic foreign alliance soon for the company to return to profitability.

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