Proton deal to help Geely rev up in SE Asia market

Zhejiang-based company to take 49.9% stake in Malaysian carmaker

Chinese automaker Zhejiang Geely Holding Group is to buy 49.9 percent of Malaysia's largest car manufacturer Proton, with a final agreement expected to be signed in July, a move that will speed up its inroads into the Southeast Asian market.

The forthcoming acquisition is part of a binding contract it signed with Proton's parent company DRB-Hicom, Geely said on Wednesday, although the value of the deal was not released.