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Hong Kong's Geely finally acquired Malaysia's Proton

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Tinuku ~ Geely based in China finally acquired the Proton brand. Having previously reportedly stepped down as a bidder of Proton shares, Hong Kong's Geely brand this time rumored to have agreed to buy the Malaysian brand and beat the PSA Group's competitors, as reported by Reuters on Wednesday, May 24, 2017.

Tinuku Hong Kong's Geely finally acquired Malaysia's Proton

Zhejiang Geely Holding Group as Hong Kong-based Geely Automobile-owned company and Swedish Volvo Car Group will acquire 49 percent of Proton's holdings of British sport car brand Lotus.

DRB-Hicom spokesman as Proton's biggest shareholder still has not commented on this news. They also earlier requested that stock trading be suspended, pending an official announcement.

Proton was founded in 1983 by former Malaysian prime minister Mahathir Mohamad and last year received government funding of 1.5 billion ringgit under one of the conditions for seeking foreign partners.

Some of the potential foreign bidders that come in are PSA, Peugeot. Citroen, then Renault and Suzuki, while Geely finally won the bid.

Geely's investment will help Proton increase its sales overseas and restore the global existence that has been lost in recent years.

Geely offers technology that is expected to lift sales of Proton in the right hand-drive market including Malaysia, United Kingdom, India and Australia.


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