KUALA LUMPUR, Sept 21 – Proton has dissolved Proton Motor Pars (PMP), its indirect, wholly-owned Iranian subsidiary that was set up in August 2011 but has not been active since its incorporation, The Star reports. The announcement of the dissolution – which took place on Monday – was made by DRB-Hicom to Bursa Malaysia.
The company was to have engaged in car assembly or the building of vehicles as well as business of marketing relevant accessories and spare parts in the country, but operations never took off.
In January this year, DRB-Hicom announced that it had no intention of activating the dormant company to carry on business or undertake operations in the future. It added that the dissolution of PMP is part of the streamlining exercise undertaken by the group to close down companies that are dormant or have ceased operations.
The national automaker had previously told the publication that Iran was identified as a core market for long-term business, as it offered sizable potential with substantial future growth.
Nearly a decade ago, it was reported that sales of Proton vehicles in Iran were encouraging – local distributor Zagross Khodro announced that it was selling around 17,000 units annually but had ambitions to shift 100,000 units a year by 2013.