HomeNewsBeritaBusinessLifestyleOpinionWorldSportsPropertyEducationCarzillaGalleryVideosAccelerator

Geely confirms 49.9% stake in Proton

-

The announcement is expected to be made by second finance minister today.

0
Shares
Total Views: 1
geely-proton

KUALA LUMPUR:
DRB-HICOM will sell a 49.9% stake in struggling car maker Proton to Chinese automaker Zhejiang Geely Holding Group, according to a company statement seen by Reuters.

Second Finance Minister Johari Abdul Ghani is expected to make an official announcement on the deal shortly.

The statement, which gave no value for the deal, said an agreement with Geely was expected to be signed in July.

Geely is the parent company of Hong Kong-based Geely Automobile Holdings Ltd and Sweden’s Volvo Car Group. Proton also owns British sports car maker Lotus Cars.

Other companies that have expressed interest in Proton include Peugeot maker PSA, Japan’s Suzuki Motor Corp and French car maker Renault SA.

DRB-Hicom asked for its shares to be suspended on Tuesday pending a material announcement.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.