Gov't won't buy back Proton, says Dr M

The federal government does not own national carmaker Proton Holdings and does not intend to acquire it, said Prime Minister Dr Mahathir Mohamad.

He said the company - which was started by his administration in 1984 - was now owned by tycoon Syed Mokhtar Albukhary.

Mahathir added that his administration has no intention of taking over the company.

"Syed Mokhtar owns Proton. If (he) wants to buy it back, it is up to him," said Mahathir during a press conference after chairing his first cabinet meeting today.

Former prime minister Najib Abdul Razak engineered the sale of a 49.9 percent stake in Proton to China's Geely last year.

DRB-Hicom, which is owned by Syed Mokhtar, holds the remaining 50.1 percent stake in Proton.

When asked about how his first cabinet meeting went, Mahathir said everyone had a chance to speak.

"I wanted to prove to them (ministers) that I am not a dictator," he said in jest. -Mkini

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