Proton Extends Time To Acquire 49 Pct Stake In PT Proton Tracoma

KUALA LUMPUR, May 31 (Bernama) -- Proton Holdings Bhd and Tracoma Holdings Bhd have agreed to extend the date for the proposed acquisition by Proton the remaining 49 percent equity interest in PT Proton Tracoma Motors (PTPTM), worth US$10 million (US$1=RM3.40) from Tracoma.In a filling to Bursa Malaysia today, Proton said the company and Tracoma have mutually agreed to extend the date to fulfill all the conditions under the proposed acquisition of PTPTM as stated in the sale and purchase agreement dated Jan 30 this year.PT Proton Tracoma is involved in the manufacturing, assembly, sales and distribution of motor vehicles in Indonesia.Proton, in an announcement to the stock exchange early this year stated that the acquisition would allow it to gain full control over PT Proton Tracoma, which in turn is expected to contribute positively to the group's performance in the future.The national car maker company viewed Indonesia as a promosing market to expand its market base.-- BERNAMA