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."-proton.com
Proton raises $440 mn for Lotus turnaround
Proton Managing Director Syed Zainal Abidin Syed Mohamed Tahir said the loan will be provided by six banks led by Malaysia's CIMB Bank.
"The �270 million will primarily be used for product development," he told reporters, adding that "part of the loan will be used to upgrade the Lotus facilities in Norfolk" in England.
Under the five-year plant Group Lotus -- which Proton took control of in 1996 -- aims to almost boost production to 8,000 cars a year after 2013 by launching five new models.
The other lenders are top bank Maybank, Overseas-Chinese Banking Corporation, Export-Import Bank of Malaysia, Affin Bank and EON Bank.
Proton in June unveiled the five-year transformation blueprint for Lotus, including a new management team and plans to launch new models and boost production.
Group Lotus Chief Executive Officer Dany Bahar said with the new financing, the sports car maker will be able to introduce much needed new models to bolster sales.
The firm unveiled five new models in September -- Esprit, Elan, Elite, Elise and Eterne.
Bahar said the new Esprit was expected to be rolled out in March 2013 and hopes it will help Lotus break even in 2014.
He added that Lotus currently sells at least 3,000 units a year with two models.
Proton bought a controlling stake in the British sports and racing car maker in October 1996, but it has remained debt-ridden since then, although the Malaysian firm last year said it was committed to turning it around by 2015.
In a previous bid to restructure Lotus in 2007, Proton waived debts of up to �16.5 million (racked by up the British subsidiary under a recapitalisation exercise.-news.malaysia.msn.com
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ReplyDeleteskrg ni pun asyik rugi jee...betui tu, klau x bjaya boleh lingkup pastu telangkup..
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