Lotus Cars, in which Tan Sri Syed Mokhtar Al-Bukhary has a major stake in the company, is reportedly planning to list its luxury electric vehicle (EV) unit in the United States.
The tycoon owns a 49% interest in the car maker through Etika Automotive Sdn Bhd which also has a 30% stake in Lotus Technology.
While another 51% interest is owned by China-based Zhejiang Geely Holding Group.
It is understood that the move will go through a merger with L Catterton Asia Acquisition Corp (LCAA) in a deal worth $5.4 billion.
All existing equity holders, including Zhejiang Geely Holding Group, Etika and NIO Capital are expected to retain their interests, which collectively hold an 89.7% stake in the combined company.
The current leadership will also remain and the company's shares will be listed on the Nasdaq under the symbol "LOT".
Deutsche Bank and Credit Suisse are among the advisers on the merger agreement.
In the meantime, Lotus Cars plans to use the proceeds from the merger for product innovation and expanding its global distribution network.
