Zhejiang Geely Holding takes 49.9% equity in PROTON

DRB-HICOM Berhad (DRB-HICOM, the Group) today signed the Definitive Agreement for China’s Zhejiang Geely Holding Group (Geely) to take 49.9% equity in Malaysia’s first carmaker, PROTON Holdings Berhad (PROTON) for RM1 Billion. On the same day, the Group also sold its entire stake in Lotus Advance Technology Sdn Bhd to Geely and Etika Automotive Sdn Bhd. This is DRB-HICOM exiting the sports car business.

EDITOR'S OPINION: The DRB-Hicom-Geely deal has been formalised - PROTON's Saga Continues as well as Lotus Cars too

Yes. PROTON's saga continues (pun intended) with the announcement that Geely will become its strategic partner. The super large China based vehicle manufacturer has become PROTON's savior. Most of you are aware and almost everyone I know has been talking about it. Almost everyone because my immediate family members don't really seem to care much. Well, you can't expect my mum, wife and thirteen year old kid become automotive industry experts do you?