Lotus Cars Signs Agreement For 270 Million Pound Sterling Syndicated Loan

 

SHAH ALAM, April 15 (Bernama) -- Lotus Cars Ltd, a wholly-owned
subsidiary of Proton Holdings Bhd, has signed an agreement for 270
million pound sterling credit facility to be extended by six banks.

The financiers are CIMB Bank Bhd; Malayan Banking Bhd; Overseas-
Chinese Banking Corporation Ltd; Export-Import Bank of Malaysia Bhd;
Affin Bank Bhd; and EON Bank Bhd.

Proton managing director Datuk Seri Syed Zainal Abidin Syed Mohamed
Tahir said the seven-year syndicated loan would be primarily used for
Lotus Cars' product development and upgrading facilities.

He said the 270 million pound sterling was adequate for the company to
realise its five-year business plan.

"Obviously, when a new model is coming out, cashflow also comes into
our operations. The 270 million pound sterling projection is what we
need for the turnaround," he told reporters after the syndicated loan
signing.

Lotus Cars unveiled five new models -- Lotus Elan, Lotus Elite, Lotus
Elise, Lotus Esprit and Lotus Eterne -- at the Paris Motorshow 2010.

The models will be available in stages, starting early 2013.

Group Lotus chief executive officer Dany Bahar said the company has
been selling between 2,000 and 3,000 Lotus cars a year.
"We aim to sell 7,000 cars a year with the five models," he added.

source BERNAMA

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