Wednesday, November 16, 2011

Proton active, up at mid-morning

KUALA LUMPUR (Nov 16): PROTON HOLDINGS BHD [] shares continued to advance and were actively traded on Wednesday, Nov 16 as investors viewed the settlement of the 'Lotus' and 'Team Lotus' brand dispute positively.

At 9.55am, Proton was up 31 sen to RM3.52 with 2.44 million shares done.

Proton on Monday, Nov 14 said the legal dispute in the English Courts involving the national carmaker and 1 Malaysia Racing Team Sdn Bhd (1MRT) with regards to the 'Lotus' and 'Team Lotus' brands has been amicably settled.

In a filing to Bursa Malaysia Securities Bhd, Proton said the parties had agreed to the settlement terms earlier this month.

'The terms of the settlement are confidential but the deal sees the "Lotus" brand reunited under the sole ownership of Group Lotus.

'This includes the rights to the "Lotus" and "Team Lotus" names in Formula 1 motor racing,' it said.

It said 1MRT would race in the 2012 Formula 1 season under the name "Caterham F1 Team" and will use a "Caterham" chassis.

'The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field,' said Proton.


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