National carmaker Proton unveiled a major restructuring that will allow it to expand its businesses to gear up for market liberalisation in two years.

Under the proposed revamp, a new company will be set up to take over Perusahaan Otomobil Nasional Bhd (Proton) and its listing status, the carmaker said in a statement to the stock exchange.

Proton will subsequently streamline its operations into three core businesses, namely manufacturing, marketing and ancillary services, the statement said.