Proton Seeks To Raise RM2.35Bil For Lotus Turnaround Plan
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Proton is in the midst of raising 2.35 billion ringgit or 480 million pounds required for the five-year transformation plan Group Lotus is embarking on. Most of the financing would be in the form of bank loans borrowed by Proton on behalf of its wholly-owned subsidiary Lotus, according to Proton Managing Director Datuk Syed Zainal Abidin, who spoke to Malaysian reporters at the Lotus headquarters in Norfolk, England.
“Group Lotus by itself cannot raise that kind of money”, Syed Zainal Abidin said. “That is why Proton has to come in as the entire five-year turnaround exercise has to benefit the whole group”. The Proton boss hopes to finalise the loan agreements with several banks including CIMB by next month.
In order to break even by the targeted 2014, Proton projects having to sell 8000 units of the five all-new Lotus supercars per year. The first of the five to enter production is the Esprit in 2012. To achieve that feat in such a short time frame, Lotus has lured key personnel from Ferrari, Aston Martin and Porsche, forming a quality management team.
“Everyone here is very committed, excited and dedicated to see Group Lotus achieve its turnaround plan”, a confident Syed Zainal Abidin opined. “It is a do-able plan. We have thought through this plan a hundred times and it is a challenge but realistic”.
Lotus Authorised Distributor
| Company | Phone |
| Lotus Cars Asia Pacific Sdn Bhd | 603 5195 3030 |
| Address | Website |
| Hicom Industrial Estate, Batu 3, P.O Box 7100, 40918 Shah Alam | www.lotuscars.com |
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Proton Authorised Distributor
| Company | Phone |
| Proton Edar Sdn Bhd | 1300 880 888 |
| Address | Website |
| Centre of Excellence Complex KM 33.8 Westbound Shah Alam Expressway, 47600 Subang Jaya, Selangor D.E | www.proton.com |
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