Geely to get operating control of Proton under stake-purchase deal

Kuala Lumpur

IN a bid to salvage the country's first national car Proton, Malaysia's DRB-Hicom Bhd has agreed to sell 49.9 per cent of Proton Holdings Bhd to China's Zhejiang Geely Holding Group Co and to give the Chinese carmaker management and operating control over Proton.

Under a heads of agreement signed between DRB and Geely on Wednesday, Geely will also acquire 51 per cent of Lotus Advance Technologies Sdn Bhd from Proton; the remaining 49 per cent will be purchased by DRB's controlling shareholder, Syed Mokhtar Al-Bukhary.