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Thursday, January 17, 2008

Proton unit Lotus mulls Saudi venture

PROTON Holdings Bhd’s unit Lotus Engineering will conduct a feasibility study on setting up an automotive industry in Saudi Arabia with its partner King Abdul Aziz City for Science and Technology (KACST).Lotus entered into a feasibility study agreement with KACST yesterday, Proton said in a circular to Bursa Malaysia.KACST is a national research facility in Saudi Arabia.The national car company said the agreement would allow both companies to develop a comprehensive plan to set up an Automotive Development Centre and for the transfer of technology from Lotus to KACST.“It also provides a platform for the development of a manufacturing industry for KACST to become an automotive components manufacturer focusing on the strengths of the natural resources of the Kingdom of Saudi Arabia,” the company said.Lotus will also assist KACST to become an automotive assembler and/or a full automotive manufacturer, as shall be determined and assessed later by the parties, Proton said. — Bernama
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