Malaysian government sold Proton for $410m image

The Malaysian government has recently announced the selling of Proton automaker in a deal worth 410 million USD.

After SAAB is going through a tough situation, the financial crisis slowly affecting more car manufacturers and the latest example is the Proton company. The Malaysian government has just announced that a deal of 410 million USD was all it took for it to sell its stakes in Proton to a car distributor and importer named DRB-Hicom, and the deal is expected to complete by the second quarter of this year. There’s no official word on Lotus yet, which is owned by Proton, but an official announcement regarding the future of the company will be made soon.

The Malaysian government, Khazanah Nasional, has recently sold 32.7 percent stake in Proton Holdings to DRB-Hicom, a car distributor and importer. The deal is expected to be completed by mid 2012. DRB-Hicom is currently manufacturing and distributing Mercedes-Benz and Volkswagen models and it owns eight assembly plants, out of which four are for cars. This deal will assure DRB-Hicom the total control of two plants in Malaysia which have a combined capacity of 350.000 units every year. There’s isn’t any more info on the subject for now but Lotus says that an announcement will be made in the upcoming days.