China's Geely to hold Proton and Lotus shares, says DRB-Hicom

"I firmly believe that Proton's best days are ahead of it", Li said.

PONSB is a subsidiary of Proton Holdings, as the main production, operations, manufacturing and marketing company.

China's Zhejiang Geely Holding Group's (Geely) wholly-owned subsidiary Geely International (Hong Kong) Ltd will receive and hold shares in Proton Holdings Bhd and Lotus Advance Technologies Sdn Bhd (Lotus) respectively, according to DRB-Hicom Bhd.

Dr Li has devoted his entire 30-year career to the automotive industry and has worked with major global brands such as Honda, Kia and Dongfeng in various high level roles.

Meanwhile, Winfried Vahland, who was formerly the chairman and chief executive officer of Czech automobile manufacturer Skoda Auto, is also on the board of PONSB. The company is working to jointly develop a mid-sized sports utility vehicle, the first of such offering by Proton. Joining him are DRB-Hicom nominees Shaharul Farez and Amalanathan Thomas, and Geely nominees Daniel Donghui Li and Feng Qing Feng.

DRB-Hicom Group managing director, Datuk Seri Syed Faisal Albar will remain as Proton Holdings Bhd chairman.

"I am appointed to turn around Proton and I believe Proton will be revived as the number one local brand in the country and a leading brand in Asean", he said during a press conference yesterday.

The joint goal of both teams is to see Proton restored to being the best-selling brand within Malaysia and a top three Asean brand in the coming years. "Certainly next year will not be profitable, but we may be able to reduce the losses in the following year, and breakeven in the third and the fourth year", he said.

However, the parties involved have agreed not to transfer the preference shares in Lotus Cars Ltd to Geely and Etika on the completion date pending further discussions between the parties, without any changes to the total sale consideration for the proposed divestment.

Meanwhile, Lotus Advance Technologies Sdn Bhd has ceased to be an effective wholly-owned unit of DRB-Hicom, it said.

Like this


30 September 2017
Arrest following CBD incident
Acting superintendent Wayne Newman said the man had been taken to hospital for a mental health assessment. Police have ruled out any terrorism link, and say they do not believe the man meant to harm anyone.

30 September 2017
England name 3 uncapped players in Ashes squad
Ballance only managed 85 runs in two Tests against South Africa at an average of 21.25 before he suffered a fractured finger. Stokes was arrested after an incident which left a 27-year-old man needing hospital treatment for facial injuries.

30 September 2017
Zurcher Kantonalbank Zurich Cantonalbank Has $1.30 Million Position in Flowserve Corporation (FLS)
On average, equities research analysts predict that Flowserve Corporation will post $1.43 earnings per share for the current year. FLS's financial leverage ratio is 1.79, which indicates that the company's asset base is primarily funded by equity capital.

30 September 2017
Vice President Greets People on the eve of Dussehra
Dussehra also marks the onset of preparations for the festival of lights - Diwali, which falls twenty days after the festival. The festival of Dusshera is celebrated on the occasion of Ravana and the great monster Kumbhakaran, slaughtered by Lord Rama.

30 September 2017
Aaron's, Inc. (NYSE:AAN) Trading Volume Significantly Higher
"The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts" consensus estimates of $0.58 by $0.10. Investors sentiment decreased to 1.08 in 2017 Q2. (AAN), we can see that the stock moved 12.13% for the last five trades.

30 September 2017
Ameriprise Financial Inc. Raises Holdings in Cardinal Health, Inc. (CAH)
It increased, as 58 investors sold CAH shares while 247 reduced holdings. 62 funds opened positions while 202 raised stakes. Moreover, Aperio Group Ltd Liability Corporation has 0.06% invested in Cardinal Health Inc (NYSE:CAH) for 122,301 shares.

30 September 2017
Restaurant Brands International LP (RSTRF) Triple EMA Picking up Steam
Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Restaurant Brands International (NYSE: QSR ) (TSE:QSR) last released its quarterly earnings data on Wednesday, August 2nd.

30 September 2017
Assassin's Creed Origins Discovery Tour is a Combat-Free Mode
If you thought September was a great month of gaming, things are just hotting up as we hit the peak release month of the year. The tours will also focus on historical figures who played important roles in shaping Egypt's future.

30 September 2017
Eagles vs. Chargers NFL Week 4 preview and predictions (PODCAST)
While the Chargers wait for their stadium in Inglewood to be built, they now call home the 27,000 seat StubHub Center . The Los Angeles Chargers have a new city, a new head coach, but what they don't have is a new culture.

30 September 2017
UD Jesuit RB Elijah Collins, Georgia OT James Ohonba pick MSU
Michigan State received commitments from two top recruits today. . Whereas, at the other schools, it was one or two coaches . "I had a very short but very dense recruiting process".