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DRB-HICOM enters joint venture to sell Lotus cars in China
by Cals Sat 18 Apr 2015, 01:12
DRB-HICOM enters joint venture to sell Lotus cars in China
By Reuters / Reuters | April 17, 2015 : 8:02 PM MYT
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KUALA LUMPUR (April 17): Malaysia's DRB-HICOM ([You must be registered and logged in to see this image.] Financial Dashboard), owner of the country's automobile manufacturer Proton, has entered into a joint venture contract with a Chinese firm, the company said in a bourse filing on Friday.
DRB-HICOM's subsidiaries Proton Holdings ([You must be registered and logged in to see this image.] Financial Dashboard) and Lotus Group International Limitedformed a joint venture with China's Goldstar Heavy Industrial, a car manufacturer based in Fujian.
The joint venture company is to be named Goldstar LOTUS Automobile and will produce and sell Lotus cars, engines, parts and components, also providing after-sales services for its products in China.
The expected total investment sum over the span of 15 years is at 10 billion yuan ($1.61 billion).
DRB-HICOM said the proposed joint venture is expected to push sales of its Lotus brand of vehicles by capitalising on the China market.
The firm also said that it expects the tie up to "contribute positively" to its future earnings.
($1 = 6.1976 Chinese yuan renminbi)[/size]
By Reuters / Reuters | April 17, 2015 : 8:02 PM MYT
Share on facebookShare on twitter
[size]
KUALA LUMPUR (April 17): Malaysia's DRB-HICOM ([You must be registered and logged in to see this image.] Financial Dashboard), owner of the country's automobile manufacturer Proton, has entered into a joint venture contract with a Chinese firm, the company said in a bourse filing on Friday.
DRB-HICOM's subsidiaries Proton Holdings ([You must be registered and logged in to see this image.] Financial Dashboard) and Lotus Group International Limitedformed a joint venture with China's Goldstar Heavy Industrial, a car manufacturer based in Fujian.
The joint venture company is to be named Goldstar LOTUS Automobile and will produce and sell Lotus cars, engines, parts and components, also providing after-sales services for its products in China.
The expected total investment sum over the span of 15 years is at 10 billion yuan ($1.61 billion).
DRB-HICOM said the proposed joint venture is expected to push sales of its Lotus brand of vehicles by capitalising on the China market.
The firm also said that it expects the tie up to "contribute positively" to its future earnings.
($1 = 6.1976 Chinese yuan renminbi)[/size]
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