Wednesday, November 30, 2005

Proton has a new MD

The rumours were true. PROTON Holdings Bhd has appointed Perusahaan Otomobil Nasional Bhd. executive director Syed Zainal Abidin Syed Mohd Tahir as its new managing director. The 43 year old will take over as MD from Jan 1, 2006. Proton also named Datuk Kisai Rahmat, (currently joint chief operating officer) as executive director of its engineering and manufacturing division.

Proton also reported its second consecutive quarterly net loss due to falling sales, rising costs and higher provisions (mostly due to Proton owned Italian motorcycle maker Agusta's increasing outstanding debts with banks and suppliers).

It lost 154.3 million ringgit (US$40.8 million; euro34.8 million) for the three months ending Sept. 30.

Read more at Paul Tan's blog.

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