Decision made, then. As rumoured since yesterday, owner of Proton Holdings Berhad, DRB-HICOM Berhad, has reached an agreement with Zhejiang Geely Holding Group Co. Ltd. from China to acquire 49.9% equity in the national car company.

The deal was signed just moments ago with DRB-HICOM Group Managing Director, Dato’ Sri Syed Faisal Albar and a high-powered delegate from Zhejiang Geely Holding Group.

This deal will enable Geely access into the 600-million strong ASEAN market, which imposes extra tax for vehicles not assembled within the region.

For Proton, meanwhile, the company will be able to tap into Geely Holding’s range of vehicles and powertrains. Equally crucial is that Proton will now have a direct access into the massive China market (21.1 million vehicles sold, year 2015); as well as right-hand drive markets in the south-east Asia.

Together with this new development, Proton has sold its entire equity of Lotus. According to Datuk Seri Johari Abdul Ghani, Finance Minister II of the MOF who was also present to witness the signing ceremony, this is done so that Proton can focus their activities on their core (road car) business.

Both parties expect to sign the Definitive Agreement in July 2017.

More news to follow.