PETALING JAYA: Despite losing his bid for Khazanah Nasional Bhd's 42.7% stake in Proton Holdings Bhd, Proton chairman Datuk Seri Nadzmi Mohd Salleh is still passionate about the national carmaker and is willing to extend his experience to the new owners.

“I understand the business and historical developments of Proton, and it is not an easy project. But I am confident that if we do the right thing and implement strategies consistently, it will be viable in the longer term.

“If they request for my help, I may consider regardless of position offered, as Proton is a national agenda which supercedes all other interests,” he told StarBiz.

However, Nadzmi said he was not hard up for it as he still had his own business empire to run and he didn't depend on Proton as his bread and butter.

Besides acting as the non-executive chairman of Proton currently, he juggles his time between his two listed companies, namely bus company Konsortium Transnational Bhd and logistics and manufacturing group Transocean Holdings Bhd.

He also has his private investment vehicle, Nadicorp Holdings, which manages an 8,200-acre plantation in Sitiawan, Perak, among his other businesses.

“The new owner has the right to appoint its people to Proton, and in DRB-Hicom's case, it has been on an acquisition spree, and it can't keep sending its own people over.

“The new management should be with a combination of new and old faces,” he said.

When asked on DRB-Hicom emerging as the winner for the stake, Nadzmi said he was not certain that he would win the bid. However, he was confident of the proposals he brought forward.

“There is potential in Proton, and my bid ran into billions and unless I was certain of the prospects in Proton, why should I jeopadise everything I have worked for my whole life?” he said, declining to reveal the amount involved.

He said with DRB-Hicom selected, it was the decision of Khazanah and the Government. But a good thing that came out of it was that from now on it was going to be managed by the private sector.

“Being in the hands of the private sector is the way to manage the company. It is not about meeting targets but making corrective adjustments to move in line with longer-term goals.

“I believe that is the problem of Proton over the years.”

What happened to Proton previously was that there was no form of continuity, he said, adding: “Proton has been managed by a lot of CEOs over the span of 25 years. There was no continuity and blueprint for the successor to carry it from one stage to another. Each CEO has his own plan and his own emphasis. As such the company was not progressing effectively.”

According to Nadzmi, he was offered the position of chairman but turned it down initially. It was only because of the insistence of the Government that he took up the role in 2009, as it believed he could contribute to the business.

For now, he is tied to his chairmanship under the Take-Overs and Mergers Code 2010, Section 37, that bars him from relinquishing his position until the takeover by DRB-Hicom becomes unconditional.

Meanwhile, when pressed for a response to Nadzmi's comments, DRB-Hicom managing director Datuk Seri Mohd Khamil Jamil declined, offering no hints on how the future of Proton's management would be.

Taken from biz.thestar.com.my