KUALA LUMPUR, BEIJING
Geely, the owner of Sweden’s Volvo Car Group, on Wednesday said it would buy 49.9 per cent of struggling Malaysian carmaker Proton from conglomerate DRB-HICOM Bhd, marking the Chinese automaker’s first push into Southeast Asia.
Zhejiang Geely Holding Group Co Ltd, parent of Hong Kong-based Geely Automobile Holdings Ltd, will also acquire 51 per cent of Proton’s stake in British car maker Lotus, the companies said, without disclosing the value of the deals. The investment comes on the back of deals worth billions of dollars signed recently between China and Malaysia, but stands out as formerly state-owned Proton is often regarded an emblem of post-independence industrialisation and economic growth.
