Looks like Lotus Cars Limited’s five-year business plan is on. The wholly-owned subsidiary of Proton Holdings today signed an agreement for facilities amounting to £270 million (RM1.33 billion), extended by a syndicate of six financial institutions.
The six financial institutions acting as lenders are CIMB Bank, Malayan Banking, Overseas-Chinese Banking Corporation, Export-Import Bank of Malaysia, Affin Bank and EON Bank.
The agreement was inked at the Proton Centre of Excellence Complex in Shah Alam by Group Lotus CEO Dany Bahar on behalf of Lotus Cars Limited, while signing on behalf of their respective banks were Datuk Seri Nazir Tun Razak, group chief executive of CIMB Group; Datuk Seri Abdul Wahid Omar, president and CEO of Maybank; Tuan Syed Abdull Aziz Jailani Syed Kechik, CEO and director of OCBC; Adissadikin Ali, CEO of EXIM Bank; Datuk Zulkiflee Abbas Abdul Hamid, CEO of Affin Bank and Peter TC Chow, head of group business & investment banking and principal officer of EON Bank.
The loan syndication forms part of the funding required to execute Lotus’ five-year business plan. With the conclusion of the syndication exercise, the external portion of the funding is now in place and, together with other financial resources, this means that Lotus has successfully raised the required funding to realise the future plans.
“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,” Bahar said.
“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,” he added.
“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,” Bahar concluded.
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AI-generated Summary ✨
Comments expressed skepticism over the RM270 million loan from Malaysian banks to Lotus, questioning its necessity given Lotus's financial struggles and Proton's ownership. Some critics fear it might be a government bailout, risking public funds if Lotus fails. Others highlight the conservative banking environment, doubting Malaysian banks' willingness to lend such sums without clear guarantees, and suggest UK banks should have been involved. Several comments support the strategic move, arguing Lotus's expansion plans are essential for growth and profitability, and commend Danny Bahar's bold leadership. Overall, sentiments vary from concern about financial risks and misuse of public money to optimism about Lotus's potential success, emphasizing the importance of proper management and realistic expectations in this high-stakes investment.