AAPICO Hitech Public Company Limited (AH), with the leadership of Mr. Yeap Swee Chuan, President and CEO, and PROTON Holdings Berhad, led by YBhg Tan Sri Syed Faisal Albar, Chairman of Proton, and Dr. Li Chun Rong, CEO of Proton, announced a joint venture partnership on July 3, 2023, represented by Mrs. Teo Lee Ngo, Executive Director of AH, and En Roslan Abdullah, Deputy Chief Executive Officer of Proton. It was an esteemed privilege to have YB Senator Tengku Datuk Seri Utama Zafrul Abdul Aziz, Minister of Investment, Trade, and Industry (MITI) of Malaysia, in attendance as a witness to this significant strategic cooperation. This collaboration aligns perfectly with the Malaysian government’s policies aimed at promoting the domestic automobile industry.
PROTON, one of Malaysia’s major car manufacturers, is determined to operate with the vision of becoming the country’s leading automotive brand through an investment with AAPICO in Advance Vehicle Engineering Global (AVEE Global), which has more than 19 years of experience in hot press forming of body parts, including body assembled parts and chassis components.
Under this collaboration, AAPICO will acquire a 60 percent stake in AVEE Global from PROTON, while PROTON will retain a 40 percent ownership share of the company. As part of the agreement, the company will be renamed as AAPICO AVEE Sendirian Berhad. This partnership marks a significant step forward in PROTON’s strategic roadmap and underscores its commitment to advancing the Malaysian automotive industry.