Proton sells stake to Geely for RM460m

Prime Minister Datuk Seri Najib Razak at the DRB-HICOM Berhad and Zhejiang Geely Holding Group at Grand Hyatt Kuala Lumpur. Pix by Asyraf Hamzah

"With Zhejiang Geely Holding Group on board, Proton can now eye the huge Southeast Asian passenger auto market with renewed confidence", he said at the signing ceremony of the deal, which was attended by Malaysian Prime Minister Najib Razak and Zhejiang Geely Holding Group chairman Li Shufu.

"Our support for Proton, our guidance, and the conditions we set, have now led to Geely becoming a 49.9 per cent shareholder, so that going forward, Proton will have the ability and resources to turn itself around and become an example of Malaysian success, without needing handouts from the government", he added. Proton was privatized in 2012 but its new owner, conglomerate DRB-HICOM Berhad, was unable to revive the carmaker.

It was announced last month that a 51% stake in the EDP/EADT Top 100 manufacturer has been had been snapped up by Zhejiang Geely Holding Group, alongside a private equity firm.

DRB-Hicom's Managing Director, Datuk Seri Syed Faisal, said Geely, which also owned Sweden's Volvo Cars, London Taxi Company, LYNK & CO and the Geely Auto portfolio of vehicle brands, was the right partner for Proton.

Malaysian Prime Minister Najib Razak stands on stage waiting for a signing ceremony between Proton and Geely in Kuala Lumpur, Malaysia, Friday, June 23, 2017. Geely has promised DRB-Hicom that it will retain the Proton brand name.

List of GOP congressmen found with baseball practice shooter
Law enforcement authorities said they believed Hodgkinson traveled from his home in Belleville, Illinois, to Alexandria in March. As he was leaving the baseball field, Duncan said Hodgkinson asked him if the practice was Democratic or Republican congressmen.

Scalise upgraded from 'critical' to 'serious' condition
Though the game pegs Republicans against Democrats , attendees and participating lawmakers showed unity in wake of the shooting. Three others were injured by the gunfire from suspected shooter James Hodgkinson , who was killed by police.

Mistrial declared in Cosby case after jury deadlocks again
Constand's attorneys released a statement following the mistrial , thanking both the jury and the prosecutors in the case. She did not comment publicly. "I just want to wish all of the fathers a happy Father's Day", Cosby said.

"When they have turned profitable and have sustainable development plans and products, then they can plan to export", Li said, when asked if Proton would export to China.

Taking a dig at former premier Mahathir Mohamad who started Proton as a national carmaker in 1983, Prime Minister Najib Razak said in a speech at the event: "The reality had dawned on nearly everyone; namely, that the (Proton) business model was, and had always been, unsustainable in the long run". It bought Volvo from Ford Motor Co.in 2010.

"We believe it will not take a long time because we have strong confidence in the growth of the Malaysian automotive market, and also in Proton", he said.

He hoped that the honest collaboration, would also help Proton regain market share in Malaysia and expand to Asean, while helping Lotus penetrate the global market.

Najib said the government extended the loan to Proton because, had the carmaker shut down, 10,000 employees would have become jobless, and the eco-system surrounding Proton, which accounts for some 200,000 jobs, would have suffered.

Related News:

  • What it's like to fly business class on Qatar Airways

    What it's like to fly business class on Qatar Airways

    The airline won the Best Staff Service Award as part of the highly acclaimed global awards held at the Paris Air Show on Tuesday. AirAsia and AirAsia X have won a combined 25 Skytrax World Airline Awards since the awards were introduced in 2001.

    Whole Foods CEO says brand's standards intact under Amazon

    Mackey appeared to jab at the investor pressure Whole Foods has been facing from activist investors including Jana. And- these guys are really smart people. "They put the customer first in everything they do and think backwards".

    Chance of tropical cyclone development in Gulf now 90 percent, forecasters say

    It will be the second for the year, however, coming after Tropical Storm Arlene formed over the central Atlantic Ocean in April. As of Saturday afternoon we are still watching a broad area of unorganized showers in the Gulf of Honduras.
  • 'Spider-Man: Homecoming' May Have Multiple Credits Scenes

    'Spider-Man: Homecoming' May Have Multiple Credits Scenes

    I'm pleased to announce we're giving away 20 admit-two passes to the Atlanta screening of Spider-Man: Homecoming . As of now, the logical way to go is to continue the partnership between Sony and Marvel.

    Russia says Trump is using 'Cold War rhetoric' on Cuba

    Shoring up the region's commitment to democracy would also help - beginning in Venezuela, the Cuban regime's foundering enabler. Some might argue that Obama's changes to USA policy have benefited American tourists and companies more than ordinary Cubans.
    Burling, Kiwis beat Oracle third time in America's Cup

    Burling, Kiwis beat Oracle third time in America's Cup

    Because Oracle won the qualifiers, the challenger started the 35th America's Cup match with a negative point. Spithill was over the starting line early, forcing him to drop two boat lengths behind to clear the penalty.
  • Australian Muslims bring Ramadan to Sydney

    Scholars will start watching today for the new moon to appear to mark the end of the month-long Islamic fasting season. Traditionally, it is celebrated for three days and is an official holiday in all Muslim-majority countries.
    Theresa May cancels the 2018 State Opening of Parliament

    Theresa May cancels the 2018 State Opening of Parliament

    In past years, MPs have voted to rumberstamp the Queen's Speech on the sixth and final day of the Queen's Speech debate. Although the Queen reads the Speech, the content is entirely drawn up by the Government and approved by the Cabinet.

    United Nations refugee agency: Record 65.6 million people displaced worldwide

    Unaccompanied or separated children - mainly Afghans and Syrians - lodged some 75,000 applications in 70 countries in 2016. Canada announced an additional contribution of $86 million to assist starvation and war ravaged South Sudan.
  • Amazon Announces Plan To Buy Whole Foods For $13.7 Billion

    Amazon Announces Plan To Buy Whole Foods For $13.7 Billion

    These three have begun offering some of what Whole Foods offers, forcing the supermarket chain to cut prices. However, this should be regarded as mere formality as the deal is expected to go ahead without any hitch.
    Scalise on the mend, now in 'serious' condition

    Scalise on the mend, now in 'serious' condition

    Bailey was spotted on Friday in the Capitol, on crutches and out of uniform, accepting congratulations from fellow officers. Officials said Hodgkinson was carrying notes on which he had written the names of some Republican lawmakers.
    Moriya three behind, Henderson keeps lead at Meijer Classic

    Moriya three behind, Henderson keeps lead at Meijer Classic

    The Chinese player is trying to complete a MI sweep after winning the LPGA Volvik Championship three weeks ago in Ann Arbor. Su Oh leads the two Australians who made the cut, the Victorian adding a third round of 65 to move into a share of 18th.


Most liked

PM Modi hold talks with Portuguese counterpart
LISBON , Portugal — Indian Prime Minister Narendra Modi has started a foreign tour that will include his first meeting with U.S. Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.

Blackhawks get Saad back in trade with Blue Jackets
The team announced Thursday on the eve of the National Hockey League draft that coach Dave Tippett was out after eight seasons. This is an interesting deal reunites Saad with some old friends in Chicago, where he won two Cups.

Azerbaijan GP - Friday - Practice Session 2 Report
Amazingly, Sergio Perez soon joined them around 10 minutes into the session after a stellar rebuild effort from his mechanics. McLaren are the only team yet to score a point this season and their relationship with Honda is now at an all-time low.

Chancellor Philip Hammond warns: We must avoid Brexit 'cliff edge'
The EU's chief negotiator, Michel Barnier said: "We are talking about orderly withdrawal first and that makes sense". According to the FT, Hammond confirmed he will seek a "lengthy" transitional period after leaving the EU.

Lakers Draft Lonzo Ball With No. 2 Pick
Ball and the Lakers have always been seen as the likely pairing, but the Lakers did their due diligence along the way. In his only year at UCLA, Ball scored 14.6 points per game, 7.6 assists, 6.0 rebounds and 1.8 steals.

Tottenham striker Harry Kane would love England captaincy
I was just trying to do my best for the team. "It is about standing up and being counted and we did that today". However, Kane slammed in at the far post deep into stoppage time to break the hearts of the Tartan Army.

Saudi Arabia Says Iranian Guards in Custody After Boat Seized
Saudi Arabia said Monday it had disrupted an attack on an offshore oil field. They headed towards the platform of the oil field.

NASA Just Discovered 10 Earth-Like Alien Planets
One of Kepler's other big surprises was a profusion of planets intermediate in size between Earth and Neptune. NASA said the latest catalog is the most complete and detailed survey of potential exoplanets yet compiled.

White House discussing moving Spicer to senior communications role
The White House has suggested radical changes to the daily press briefing in the past, at one point threatening to move it away from the White House entirely .

Trump may 'terminate' Russian Federation probe's Mueller says president's pal
Rosenstein , who has been on the job for six weeks, said only he could fire Mueller, and only if he found good cause to do so. The regulations that govern the special counsel were issued by the Department of Justice and could be rescinded by DOJ.

Rory McIlroy hits back after accused of being 'bored' by Steve Elkington
He also said prize money was so poor in Nicklaus' day that the legend's main source of income was his golf course design business. So, in on-brand, off-the-cuff fashion, Elkington tied Rory's "boredom" to a dollar figure, and McIlroy chirped back.

National Hockey League expansion draft 2017: Grading all 30 expansion draft protection lists
The Predators elected to protect a fourth defenseman that exposed Neal, a nine-time 20-goal-scorer, including 23 this past season. That would settle the Canes' goalie situation and keep the Knights from taking Stempniak or Nordstrom, two players with value.

Milan will not sell Donnarumma before next season
Donnarumma, who one year left on his current contract, has informed Milan that he will not be signing a new deal with the club . The Milan Club Poland representatives were seated behind the goal with a large banner that read 'Dollarumma'.

USA military service members in Afghanistan injured in insider attack
It is not always clear if the attackers are rogue members of the Afghan forces or are infiltrators wearing Afghan Army uniforms. The US soldiers were evacuated after the "insider attack" a spokesman for the US military command said.

Russian Federation 2-0 New Zealand: Hosts win Confederations Cup Group A opener
Hosts Russia opened the 2017 Confederations Cup with a 2-0 win against New Zealand in St Petersburg on Saturday. With three points, Russian Federation will next face Cristiano Ronaldo's Portugal in Moscow on Wednesday.