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Proton's Shares Increase as Its Deal With Volkswagen Near Conclusion

The shares of the troubled Malaysianringgits to get the company started.
carmaker Proton has increased slightlyProton's state investment arm Khazanah
last Monday after reports has come outNasional is the controlling shareholder
that its deal with Europe's largestin proton owning 42.74 percent stake.
automaker and producer ofMeanwhile the state pension fund EPF and
top-of-the-line quality VW Beetle partsthe national oil firm Petronas have a
is getting closer to a deal.share of 12.07 percent and 8.84 percent
Analysts said that such positive newsrespectively.
matched with a plan of the government toKhazanah's Managing Director Azman
remove cars that are 15 years old andMokhtar has set the end of this year as
older have lured investors to thethe deadline for the completion of the
company. According to the Edge businessdeal with Volkswagen.
newspaper last Monday, "MalaysianAnalysts have also attributed the
representatives of Proton's stakeholdersincrease in Proton shares to government
have inched closer to a final deal withprogramme which will scrap old cars
Volkswagen."giving Proton the opportunity to
Proton's shares were up by 0.05 ringgitincrease its sales. According to the
or 0.86 percent and close at 5.85Edge business magazine the said
ringgit after reaching as high as 6.10programme was aimed to boost Proton's
ringgit in late trade.sales. Quoted on the magazine: "It has
Volkswagen met with Proton for the thirdbeen decided that those who voluntarily
time in Germany recently after itsscrap their cars will be offered a
earlier meetings in Thailand and thesubsidy to buy a new Proton car. The
United States. The foreign tie-up withsubsidy will be on a scale with a
Proton is very important for themaximum of 5,000 ringgit."
Malaysian automaker in order for it toLast Monday Aseambankers has also
stop the decline in its market share andexpressed its plan to reinforce Proton's
to stop incurring further losses.share price and was quoted by the Edge
The Edge business newspaper has alsosaying, "although we remain cautious of
pointed some details of talks whereinProton's ability to deliver more than
Proton will still be controlling itsmarginal profitability."
domestic distribution network whileIt can be noted that Proton has lost its
Volkswagen will take care of thestatus as Malaysia's biggest-selling
international distribution.automaker to its rival Perodua and just
The Edge has also stated that Volkswagenrecently has reported net losses
may be required to cash out for its 51reaching as high as 591.36 million
percent equity in Proton. Volkswagenrinngit or $172.4 million through March
will have to invest few hundred million2007.



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