Malaysia's DRB-Hicom plans to acquire loss-making Symphony Lotus, which is engaged in the car dealership business in China, for US$ 15 million (RM 47.25 million).

DRB-Hicom, via unit Lotus Advance Technologies, signed a conditional share sale and purchase agreement with Symphony Lotus for the proposed acquisition.

Symphony Lotus has one wholly-owned subsidiary, Beijing Lotus Cars Sales, which is a distributor of vehicles and wholesale of car components in China.

Symphony Lotus reported a net loss of US$ 3.78 million for the financial year ended December 31st, 2012 and its consolidated net liabilities stood at US$ 6.86 million as at December 31st, 2012.

DRB-Hicom told Bursa Malaysia that the proposed acquisition, which is expected to be completed within the fourth quarter of 2013, will allow Lotus Advance Technologies to gain direct access into the vast Chinese vehicle market and to capitalise on the expected continuous growth in China's premium vehicle market.

Symphony Lotus is no stranger to the DRB-Hicom group of companies. Its indirect British sports-car unit Lotus Cars had in June 2011 authorised Symphony Lotus as its importer and distributor in China.