Business

Proton turnaround

Proton turnaround

By Agence France Presse

KUALA LUMPUR: Malaysia’s government has approved a bailout package of 1.5 billion ringgit ($384 million) to help struggling national car maker Proton help pay its debts, amid poor sales and heavy losses. The monetary boost comes with conditions that the company draw up comprehensive plans for a turnaround to its dismal performance, according to reports. A taskforce comprising officials from the government and the private sector is expected to be set up to monitor the car manufacturer’s transformation.