KUALA LUMPUR — DRB-Hicom wants to retain a sizeable shareholding in Proton Holdings Bhd when a foreign partner comes aboard.

In exchange for a RM1.5 billion government assistance to turn the ailing Proton marque around, DRB-Hicom was instructed to find a foreign automaker to partner it.

According to a report in the Nikkei Asian Review (NAR) five companies that have shown interest are under review.

It quoted DRB-Hicom Group Managing Director Syed Faisal Albar as saying the company would remain a substantial shareholder of Proton “without a doubt”, at the launch of Proton’s latest Saga model.

Syed Faisal, the NAR report added, stopped short of revealing if it would remain the majority shareholder.

He did say that new possible shareholding structures were “still up in the air”. A decision on the new partner is expected not later than March 2017.

However, according to a report in The Star, the company could sell as much as 51 per cent to the foreign partner.

Proton, it said, had appointed Malayan Banking Bhd to advise on the sale.

The Star report said among those Proton Holdings had shortlisted were Volkswagen AG, Suzuki Motor Corp, Renault SA and Peugeot parent PSA Group.

Company officials, it said, would head to Japan to meet with Suzuki executives next week, followed by meetings with Renault next month.

The Proton Saga, Malaysia’s first national car, was launched in 1985 and over 2 million units have been sold since. The third-generation, 1.3-liter model launched on Wednesday is slated to sell at least 5,000 units monthly.

“Today is the turning point where the future of Proton turns in our favour,” Syed Albar was quoted as saying by NAR at the launch. Priced between RM36,800 and RM45,800, the three variants are the cheapest cars available in their category.

Proton has seen its market share collapse from over 70 per cent to 17 per cent today in the face of intense competition and quality deficiencies, according to the NAR report.