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Geely's Boyue was distributed as the Proton X70 in Malaysia
Proton secures $445 million loan from Chinese bank
Automotive News China | 2019/4/30

Malaysian carmaker Proton Holdings, partly owned by private Chinese automaker Zhejiang Geely Holding Group, obtained a loan of 1.88 billion Malaysian ringgit ($445 million) from a state-owned Chinese bank to help expand operations. 

The lending agreement was signed between Proton and China Construction Bank last week in Beijing. 

The loan will be used to finance operations as it strives to become the largest car brand in Malaysia and the third-largest in Southeast Asia by 2027, Proton said. 

In 2017, Geely purchased 49.9 percent of Proton from Malaysian conglomerate DRB-Hicom. 

To expand Protoní»s product line, Geely started shipping the right-hand-drive version of the Boyue, its top-selling compact crossover in China, to Malaysia in December. The vehicle is distributed in Malaysia as the Proton X70. 

To date, more than 11,000 X70s have been delivered in Malaysia, according to Proton.

Last week, Proton also signed a technology licensing agreement in Beijing with Alhaj Automotive, Protoní»s distributor in Pakistan, allowing the latter to assemble Proton-badged vehicles with complete knockdown kits shipped from Malaysia. 

The $30 million assembly plant, to be built by Alhaj Automotive in the Pakistani port city of Karachi, is expected to start production before the end of 2020. 

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