06:06:55
Saturday
26 May 2018

PSA Group acquires 56 per cent stake in Naza's auto manufacturing arm

PSA Group acquires 56 per cent stake in Naza's auto manufacturing arm
PUTRAJAYA: French mutinational automobile manufacturer Group PSA will be acquiring 56 per cent stake in the Naza Automotive Manufacturing (NAM).

Naza Corp Holdings Sdn Bhd group CEO (Automotive Group), Datuk Samson Anand George said the stake will hold considerable amount of investment but did not divulge the amount at this point of time.

"The acquisition will be about 56 per cent in the NAM but we are not privy at this point of time to disclose but it is substantial.

"We aim to grow our European cars at about 10 per cent this year alone, and 18 per cent in the next three years, which is our next target with new model range from PSA Groupe.

"The PSA Groupe is the only European company to take up stake in the local automotive company," he told reporters after the Naza Group and PSA Groupe partnership signing ceremony.

The partnership was launched by the Prime Minister Datuk Seri Najib Razak here, today.

Both auto companies established a shared manufacturing hub in Gurun, Kedah, the first in Asean countries for Groupe PSA.

NAM is expected to become export hub  for regional countries and beyond with a forecast volume production of 18,000 in 2019 and another 21,000 units in 2020.

The partnership is also expected to generate revenues of RM724 million and RM967 million respectively, lead to 70 extra local vendors in the next 5 years abs create additional 1,200 jobs in Kedah.

IT is also expected to see the introduction of new models and help to develop a dynamic Malaysian automotive industry responsive to the latest technology.

The Naza Group will have sole responsibility for the distribution of Peugeot, Citroen and DS Automobiles in the domestic market and explore distribution prospects in other Asean markets of 680 million customers in the region.



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