Phoenix Venture Holdings (PVH) has signed a letter of intent with Malaysia’s Proton “to explore the feasibility of a number of potential collaborative projects in relation to PVH and its subsidiaries, including MG Rover Group, working with Proton” the company said in a statement on Wednesday.

Proton has issued a similar announcement to its local stock exchange.

Without elaborating, the statement said PVH and Proton would “now engage in further discussions and as and when any definitive agreement is reached a further announcement will be made”.