Proton to invest US$392 million in product development and plant expansion

Malaysia’s Proton Holdings Bhd announced that it will invest MYR1.6 billion (US$392 million) in expanding its facilities and research and development in the fiscal year 2012.  Syed Zainal Abidin Syed Tahir, managing director, said the investment is a significant increase over capital expenditures for its 2011 fiscal year. The company recently introduced a new variant of the Saga FL, the 1600cc Saga, which comes equipped with a 1.6 liter engine and is targeted at the younger generation of car buyers.  Proton is also working to develop a Malaysian-made alternative fuel propulsion system vehicle.  Net profit for Proton in the fiscal fourth quarter was reported at MYR61.6 million (US$20.4 million). (May 26, 2011)