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.
Proton closing the Pakistani deal in Beijing.
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 Malaysian prime minister Tun Dr Mahathir Mohamad is attending the Belt and Road Forum.
Proton signed a licensing and technical assistance agreement with Alhaj to build a plant in Karachi with an initial investment of US$30mil, to assemble and distribute Proton cars for the Pakistani market.
Proton CEO Dr Li Chunrong greeting Dr Mahathir in Beijing.
