KUALA LUMPUR: National automaker Proton Holdings Bhd will be returning to Iran following the setup of Proton Motor Parsian Company (Ltd) (PMPC) on 10th April by Proton's parent company DRB-Hicom Bhd.
DRB in an exchange filing yesterday said PMPC focus of business is to undertake car assembly with completely knocked down and semi knocked down parts, production, exports and imports as well as car accessories and spare parts.
To recap, Proton dissolved a dormant unit in Iran in September 2017, which was a set up in 2011 with the intention to assemble car in the country.
It should be noted that Proton used to sell its cars in Iran as well as had a joint venture with a local partner to assemble selected models in the country up until 2010.
“The incorporation will not have any material effects on the earnings per share, net assets per share, share capital, gearing and substantial shareholders’ shareholdings of DRB-Hicom for March 31, 2019,” DRB-Hicom said.
Malaysian International Chamber of Commerce and Industry (MICCI) president Datuk Wira Jalilah Baba in December last year said Malaysia should intensify efforts to tap Iranian market, including the automotive sector.
She was also quoted saying Proton already planning to promote its cars in the Republic and that the national marque was selling well there.