Malaysia’s national carmaker Proton has secured $455.10 million in banking facilities from China Construction Bank to fund its expansion around the region, according to Reuters.
The loans are allocated for Proton’s growth plans to be the number one automotive brand in Malaysia and number three in ASEAN by 2027. Proton’s Chairman Syed Faisal Albar said in a statement:
“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.”
Zhejiang Geely Holding Group Co Ltd which owns 49.9% of Proton had agreed to extend its existing partnership with the Malaysian carmaker to upgrade its line-up of cars and help expand Proton’s presence in China and other international markets. In September last year, Geely announced to license the intellectual properties of three of its models to Proton.
Proton also exchanged documents with Al-Haj Automotive in Beijing. Proton signed a licensing and technical assistance agreement with Al-Haj to build a manufacturing plant in Karachi with an initial investment of $30 million, to assemble and distribute Proton cars for the Pakistani market.