PSA Group and Malaysia's Naza Corporation Holdings announced the signing of a share sale agreement and a joint venture agreement, officially establishing shared operation of the Naza Automotive Manufacturing (NAM) plant in Gurun, Kedah, as the first manufacturing hub in ASEAN for the French group.

In attendance to witness, the event was the Honourable Prime Minister of Malaysia, YAB Dato Sri Mohd Najib Abdul Razak. PSA Group, as a global automotive player and the second largest carmaker in Europe, is confident and committed to the Malaysian and other ASEAN markets, holding majority stake in the business operations of Naza Automotive Manufacturing (NAM).

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Naza Group will take sole responsibility for distribution of Peugeot, Citroen and DS Automobiles in Malaysia and, with PSA Group, will explore distribution prospects in other ASEAN markets where there are potentially 680m customers.

PSA Group and Naza will jointly produce group brand cars for Malaysia and other ASEAN markets. Further opportunities will also be explored beyond ASEAN, with a potential to contribute significantly to Malaysia's economy, the pair said in a statement.

"This strategic partnership will benefit from the strong and qualitative supplier network implemented in the region," the statement said.

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"The Naza Automotive Manufacturing (NAM) plant has been operational since 2004, has a workforce of close to 450 people and boasts a 50,000 vehicle production capacity, operating in line with the highest international quality standards."

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The partners are now strengthening their partnership, established in 2008, to develop a sustainable and profitable business in Malaysia and in the rest of the ASEAN region. PSA Group's investment in the Naza Automotive Manufacturing (NAM) plant will see the implementation of its EMP2 modular platform dedicated to C and D segments.

PSA chairman Carlos Tavares said: "The creation of the ASEAN hub in Gurun, Kedah is a significant leap forward for the group which will lead to the development of a profitable business in the region as part of our Push to Pass strategic plan. We are pleased to partner with Naza Corporation Holdings and continue leveraging our historical relationship."

"With this collaboration, there is enormous potential for Kedah to be the leading automotive manufacturing hub in Malaysia," said NAZA chairman SM Nasarudin SM Nasimuddin.