Hot Stock PetDag rises 1.5% on RM700 million capex plan

Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com
Friday, 26 April 2013 11:52
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KUALA LUMPUR (April 26): PETRONAS DAGANGAN BHD [] (PetDag)
rose as much as 1.5% among top gainers after the firm announced a
RM700 million allocation for capital expenditure (capex) this year.
At 10.58 am, PetDag shares rose 28 sen to RM23.60 after rising as
high RM23.68 earlier. At 11.40am, the second- largest gainer across
the bourse was traded at RM23.64 with some 66,000 shares done.
PetDag is the principal domestic marketing arm of national oil company
Petroliam Nasional Bhd (Petronas) which owns 69.86% of the former.
PetDag chairman Datuk Wan Zulkiflee Wan Ariffin recently said the
company is focused on aggressively growing its market share through
network expansion, cutting-edge products and customer-engagement
programmes.
He said about RM400 million will be allocated for the retail business and
another RM100 million will be invested in its domestic operations.
The firm plans to open 60 new Petronas stations this year.
The remaining RM200 million will be invested in PetDag's Philippines
infrastructure business.