Proton Sold To Geely

Geely took up a 49 9 per cent stake. Drb hicom bhd is selling a 49 9 stake in loss making proton holdings bhd to china based zhejiang geely holding group co ltd geely holding. Proton has sold over 52 000 vehicles between january and july this year a sharp improvement on the 72 000.

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Proton is expected to be on the receiving end as geely is expected to bring in new technologies and capital injections as well as globally renowned talent into proton s management team.

Proton sold to geely. National carmaker proton s search for a foreign strategic partner has finally ended in the form of chinese automaker geely. Drb hicom bhd and zhejiang geely holdings group have inked a definitive agreement under which the latter will acquire a 49 9 stake in the national car manufacturer for rm460 3mil. Malaysia s national carmaker proton is now partly owned by chinese automaker zhejiang geely holdings group after the signing of a deal with drb hicom yesterday.

While drb hicom exercises greater control of proton s distribution arm proton edar sdn bhd it will allow geely to take over managerial control in the production and manufacturing of proton cars. Proton s fortunes have turned since geely took the 49 9 per cent stake in the company.