Lotus Cars Limited signs a syndicated financing facility with six financial institutions in Malaysia
Lotus Cars Limited, a wholly-owned subsidiary of PROTON Holdings Berhad, today signed an agreement for facilities amounting to £270 million extended by a syndicate of six financial institutions. The six financial institutions acting as lenders are CIMB Bank, Malayan Banking Berhad, Overseas-Chinese Banking Corporation Limited, Export-Import Bank of Malaysia Berhad, Affin Bank Berhad and EON Bank Berhad.
The agreement was signed by Group Lotus Chief Executive Officer Dany Bahar on behalf of Lotus Cars Limited at a signing ceremony held at the Proton Centre of Excellence Complex in Shah Alam. Dato’ Sri Nazir Tun Razak, Group Chief Executive of CIMB Group, Dato’ Sri Abdul Wahid Omar, President and Chief Executive Officer of Maybank, Tuan Syed Abdull Aziz Jailani Syed Kechik, Chief Executive Officer and Director of OCBC; Encik Adissadikin Ali, Chief Executive Officer of EXIM Bank, Dato’ Zulkiflee Abbas Abdul Hamid, Chief Executive Officer of Affin Bank and Mr Peter TC Chow, Head of Group Business & Investment Banking and Principal Officer of EON Bank – signed on behalf of their respective banks.
The loan syndication forms part of the funding required to execute the five year business plan. With the closing of the syndication exercise, the external portion of the funding is now in place and, together with other financial resources, this step means that Lotus has successfully raised the required funding to realise the future plans. Group Lotus Chief Executive Officer Dany Bahar said: “On behalf of Group Lotus, I would like to express our sincere appreciation to CIMB Group, Malayan Banking Berhad, Overseas Chinese Banking Corporation Limited, Export-Import Bank of Malaysia Berhad, Affin Bank Berhad and EON Bank Berhad for their support and, above all, confidence in our future plans.”
“With the help of this external financing, we look forward to introducing our exciting new models to the world which will complement our current product range. I am confident that the execution of our business plan will mark the return of the iconic Lotus brand into the elite ranks of the world’s premium sportscar manufacturers and generate greater profitability and long-term financial sustainability for the company and its stakeholders”
“I would like to thank our shareholders PROTON for the unwavering support and confidence in Lotus. I believe Lotus has a lot to offer to PROTON moving forward. As the future plans bear fruit, I am confident that PROTON will benefit in terms of branding, product development, and sales and marketing.”
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