When did Geely acquire stake in Proton?

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Geely Acquired Stake in Proton in June 2017

Geely acquired a 49.9 per cent stake in Proton Holdings Berhad in June 2017. This acquisition was part of a deal made by the former government, with Zhejiang Geely Holdings Group purchasing the stake for RM460.3 million. DRB-Hicom, the parent company, retained the majority shareholding of 50.1 per cent.
Details of the Acquisition

The transaction involved Zhejiang Geely Holdings Group, a Chinese automotive company also known for owning the Volvo car brand, buying a significant minority stake in Proton. The purchase price for this 49.9 per cent share was RM460.3 million. This move aimed to establish cooperation with an international car manufacturer, as stated by Prime Minister Tun Dr Mahathir Mohamad at the time, who had initially expressed reservations about selling Proton but was seeking strategic partnerships.
Ownership Structure Post-Acquisition

Following the acquisition, DRB-Hicom continued to hold the majority stake in Proton, retaining 50.1 per cent of the company's shares. Geely's investment of RM460.3 million secured them a substantial 49.9 per cent ownership. This arrangement ensured that Proton remained a national carmaker under the new partnership structure.
Historical Context of Proton

Proton, established in 1983, was originally Dr Mahathir Mohamad's initiative to develop a national car. The company transitioned to private ownership in 2012 when it came under the purview of the DRB-Hicom group. The 2017 deal with Geely marked a significant development in its history, introducing a major international automotive player into its ownership structure while still preserving its national car status.

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When did Geely acquire stake in Proton?

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