The government’s stake in Proton is again up for sale but will there be a suitable suitor?
COMMENT

Not a day goes by without the mainstream media hinting that somebody or some conglomerate is reportedly contemplating a bid for the government’s 42.7 per cent stake in Perusahaan Otomobil Nasional (Proton), the long ailing national car maker.
Proton advisor and former prime minister Dr Mahathir Mohamad has been quoted as saying that he hopes “a very rich company” will buy Proton.
In a contradiction in terms, he shamelessly confessed that he doesn’t care what happens to other companies – presumably the suitors – but he worries about what happens to Proton.
This is the same Mahathir, who not so long ago, joined the Proton management in vehemently opposing any foreign takeover of Proton.
Their myopic opposition has seen several billion ringgit from Petronas, where Mahathir is also advisor, thrown into the bottomless Proton pit. This is money mostly from Sabah and Sarawak where each state get a measly 5 per cent royalty from the wells in the inner waters and none from the outer waters where the bulk of the production is carried out.
Sadder, but hopefully now wiser, the recalcitrant Mahathir and the Proton management have no doubt realised that they can no longer rely on Petronas funding to continue to bail out Proton.
The tax-payers and people in Sabah and Sarawak would no longer stand for it unless Mahathir wants to be accused of being a “thief”.
The latest story is about Proton Holdings Bhd chairman Mohd Nadzmi Mohd Salleh expressing an interest in the privatization of Proton. For starters, Proton is already private, so how much more private can it be?