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Malaysia's Proton to get $455 million financing from China Construction Bank

Stock MarketsApr 26, 2019 09:30PM ET
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© Reuters. A Proton logo on a car at a Proton showroom in Puchong

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.

Malaysia's Proton to get $455 million financing from China Construction Bank
 

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Comments (1)
Chris Sundo
Chris Sundo Apr 27, 2019 1:04AM ET
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Proton: If you are not already controlled by China then beware the Chinese practices of DEBT TRAP. Many underdeveloped countries found out about the debt trap too late and had their equity stripped out by Chinese dir_ty tactics. Even contracts don't help because China is not a normal contractual partner. China is more like a te'rro_ris't who will take advantage of the situation as the situation falls, i.e. to your detriment, and we all know well not to make contracts with ter^ori_sts. They may act according to the contract for a while, but when you, Proton, get somehow into a weak position then the Chinese piranhas will pull the rug from under you with shady practices. You have been warned!
 
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