KL to promote Proton

KL to promote Proton

KUALA LUMPUR (AFP): Malaysian industrialist Yahaya Ahmad, who has assumed control of former state-owned HICOM Holdings Bhd., said yesterday he had plans to make the country's national car industry more profitable.

Through his recent acquisition of a 32 percent stake in heavy industries group HICOM for 1.72 billion ringgit (US$688 million) in the biggest corporate exercise yet, Yahaya also controls Perusahaan Otomobil Nasional Bhd (Proton), manufacturer of the national Proton car.

HICOM, set up to spearhead the government's industrialization drive, is the parent company of Proton.

"Proton has been doing well and we want it to carry on that basis, but we have our own ideas to make it more profitable," Yahaya, now president of HICOM, told a news conference.

He also announced plans to reduce further the import content and source Proton's parts locally to reduce cost.