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Malaysia's Proton owner says looking at 5 proposals for stake sale

Reuters

KUALA LUMPUR, Sept 28 (Reuters) - Malaysian conglomerate DRB-Hicom said on Wednesday it was looking at five proposals from foreign bidders for a stake sale in car maker Proton, but said it would continue to have a "substantial" holding.

Managing director Syed Faisal Albar Syed Ali Rethza Albar declined to name the firms that have shown an interest.

"We are at the stage of trying to understand their strategic proposals. We will be going around to meet them, and to understand their proposals," he told reporters at an event.

He added that the company, which wholly owns Proton, would not be giving away a 70 to 80 percent stake.

At least three firms, including Peugeot maker PSA, have signalled interest in a deal with the ailing Malaysian car maker, people familiar with the matter said last week. (Reporting by Liz Lee; Writing by Praveen Menon; Editing by Muralikumar Anantharaman)