Proton Holdings Hopes To Finalise Lotus Brand Licence Draft Agreement Next Month

SHAH ALAM, Oct 19 (Bernama) -- Proton Holdings Bhd confirmed Monday it has received the draft agreement from Tune Group for the Lotus brand licence to be awarded to the F1 1Malaysia Team (1MF1T).

"We are studying the draft and hope to finalise it next month," said Managing Director Datuk Syed Zainal Abidin Syed Mohamed Tahir to reporters at Proton Holdings' Hari Raya open house here.

Syed Zainal Abidin was responding to reporters' queries on a Berita Harian news report today that the 1MF1T-led Tune Group had sent the draft agreement to Proton Holdings on Friday.

The agreement is crucial to facilitate 1MF1T to use the name of Lotus, a subsidiary of Proton Holdings, in the F1 racing next year.

Team Principal Datuk Seri Tony Fernandes, who is also Tune Group chief executive, had said he would meet the Proton management in two weeks to discuss the draft agreement.

Present at the open house was Proton Holdings and Group Lotus Plc chairman Datuk Mohd Nadzmi Mohd Salleh.

-- BERNAMA