Reuters
Published Apr 26, 2019 09:25PM ET
Malaysia's Proton to get $455 million financing from China Construction Bank
KUALA LUMPUR (Reuters) - Malaysia's national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday.
The loans are earmarked for Proton's growth plans to be the number one automotive brand in Malaysia and number three in ASEAN by 2027, the company said.
"Expansion to foreign markets is critical for sales growth while obtaining financing allows the company to invest in the many projects required to turn Proton into a truly global automotive brand," Chairman Syed Faisal Albar said in the statement.
In August, Zhejiang Geely Holding Group Co Ltd which owns 49.9 percent of Proton, had agreed to extend its existing partnership with the carmaker to upgrade its line-up of cars and help expand Proton's presence in China and other international markets.
Proton said it also exchanged documents with Pakistan's Alhaj Automobile in Beijing, where Malaysia's prime minister is attending the Belt and Road Forum.
Proton signed a licensing and technical assistance agreement with Alhaj to build a manufacturing plant in Karachi with an initial investment of $30 million, to assemble and distribute Proton cars for the Pakistani market.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.