SHAH ALAM: PROTON HOLDINGS BHD []'s unit Lotus is expected to breakeven by 2014, said Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir.
He said Lotus cars plans to raise ''270m via conventional financing from six financial institutions.
The six institutions acting as lenders are CIMB Bank, Maybank, OCBC, Exim Bank, Affin Bank and EON Bank.
However, Syed Zainal did not provide a breakdown of how much Lotus would seek from each of the 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.
The loans will be consolidated into Proton's books, said Syed Zainal.
Meanwhile, Lotus chief executive officer Dany Bahar said the company had been selling between 2,000 and 3,000 units of cars per year, adding it had two models.
'We hope to sell 7,000 cars a year when we have three models,' he said.
At 11.17am, Proton was up nine sen to RM3.34 with 33,000 shares traded.
He said Lotus cars plans to raise ''270m via conventional financing from six financial institutions.
The six institutions acting as lenders are CIMB Bank, Maybank, OCBC, Exim Bank, Affin Bank and EON Bank.
However, Syed Zainal did not provide a breakdown of how much Lotus would seek from each of the 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.
The loans will be consolidated into Proton's books, said Syed Zainal.
Meanwhile, Lotus chief executive officer Dany Bahar said the company had been selling between 2,000 and 3,000 units of cars per year, adding it had two models.
'We hope to sell 7,000 cars a year when we have three models,' he said.
At 11.17am, Proton was up nine sen to RM3.34 with 33,000 shares traded.
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