PUTRAJAYA: Malaysia's largest private automotive conglomerate, Naza Corporation Holdings Sdn Bhd (Naza Group) would sign an agreement with world renowned car manufacturer, France's PSA Group on Monday.
The signing ceremony between both companies would be witnessed by Prime Minister Datuk Seri Najib Razak, which would take place at the Prime Minister's Office, here.
At the event, the Naza Group would be represented by its group executive chairman and chief executive officer SM Nasarudin SM Nasimuddin while PSA Group would be represented by executive vice president (China and South East Asia) Carlos Gomes.
PSA Group, the Paris-based maker of Peugeot and Citroen cars, had previously submitted a bid for a strategic partnership with national carmaker Proton Holdings Berhad, along with Chinese automaker Zhejiang Geely Holding Group Co Ltd (Geely).
PSA also had plans to transform Malaysia into a strategic base to develop and produce new cars for the global market if the proposed cooperation with Proton materialised.
However, Geely was selected as a partner of Proton with 49.99 per cent share ownership with transactions involving RM460.3 million.
As for the Naza Group, the company is no stranger to the PSA Group as it was the Peugoet franchise holder in Malaysia.
Naza Group is also the official distributor of Kia, Ferrari, Maserati, Chevrolet, Brabus, Mercedes-Benz, as well as local brands, Perodua, via Naza Mekar.