Malaysia, Proton, receives $ 455 million in financing from China's construction bank

KUALA LUMPUR (Reuters) – Malaysia's national automaker Proton has secured $ 1.88 billion in ringgit banking facilities ($ 455.10 million) from China Construction Bank to finance the region's expansion. Friday a statement.

The loans are intended for Proton's growth projects that will become the leading automotive brand in Malaysia and the third in ASEAN by 2027, the company said.

"Expanding into foreign markets is critical to sales growth, while obtaining financing allows the company to invest in the many projects needed to turn Proton into a truly global car brand, "said board chairman Syed Faisal Albar.

In August, the Zhejiang Geely Holding Group, which owns 49.9 percent of Proton's capital, agreed to extend its partnership with the automaker to improve its car range and help strengthen Proton's presence in China. and other international markets.

Proton said he also exchanged documents with Pakistan's Alhaj Automobile in Beijing, where the Malaysian prime minister was participating in the Belt and Road forum.

Proton has signed a licensing agreement and technical badistance with Alhaj for the construction of a manufacturing facility in Karachi, with an initial investment of $ 30 million, to bademble and distribute Proton cars for the Pakistani market.