Relief and sorrow as Geely gets behind Proton's wheel

Kuala Lumpur

THE part sale of Proton to a foreign company 35 years after it was established has prompted relief among Malaysians frustrated at having to continually prop up the carmaker, but sorrow in its originator Mahathir Mohamad.

Shares of DRB-Hicom which sold a 49.9 per cent stake in Proton Holdings Bhd to China's Zhejiang Geely Holding Group Co Ltd rallied 11 per cent higher on Thursday before easing to close at RM1.72 or 2.4 per cent up as investors expect the Chinese car company to inject capital and life into the floundering local car manufacturer.