Malaysia's Proton Holdings said on Tuesday that it was unlikely that Volkswagen AG would take an equity stake in Proton any time soon.

"It isn't excluded but for the time being it's not foreseen," Heribert Keppler, head of alliance and partner relations at Proton, told Dow Jones Newswires.

He also added that VW will likely complete its feasibility study on supplying Proton with engines and transmissions within six months.

"It will be a maximum of six months" barring unforeseen difficulties Keppler said, according to the report.

Keppler reportedly also noted that Proton will gain from VW's production process technology, improving the quality of Proton cars and making the company more competitive.

At a press conference, Proton chief executive Mahaleel Ariff said the carmaker hopes to complete its alliance agreement with Volkswagen within six months of the memorandum of understanding signed on October 26, Dow Jones added.