The Star Online today reported that Proton Holdings Bhd’s (indirect) wholly owned subsidiary; Proton Motor Pars Co (PMP) in Iran has been dissolved.
According to the report, the subsidiary, which was set up in Iran in 2011 in order to assemble vehicles, parts and accessories locally, was dissolved even before any operations began.
It is said that the decision followed the fact that PMP had been dormant since its incorporation in August 2011 and had no intention to carry on business or operations in the future.
Proton’s parent company DRB-Hicom, during an announcement made to Bursa Malaysia, said that PMP was notified by its liquidator on Monday that it had been dissolved.
“The dissolution of PMP is part of the streamlining exercise undertaken to close down companies that are dormant or have ceased operations,” said DRB-Hicom.