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PetDag to allocate RM700m capex for expansion

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PetDag to allocate RM700m capex for expansion Empty PetDag to allocate RM700m capex for expansion

Post by Cals Thu 17 Apr 2014, 01:11

PetDag to allocate RM700m capex for expansion
Business & Markets 2014
Written by Supriya Surendran of theedgemalaysia.com   
Wednesday, 16 April 2014 16:02

KUALA LUMPUR (April 16): Petronas Dagangan Bhd (PetDag) plans to allocate a capital expenditure (capex) of up to RM700 million for domestic and international expansion.

Speaking at a media briefing today, PetDag's chairman Datuk Wan Zulkiflee Wan Ariffin said RM500 million will be allocated for domestic and RM200 million for international expansion.

He added that this will strengthen the group's four core businesses: Retail, commercial, LPG and lubricant.

"The capex will be used for increasing retail network of service stations, terminals and depots as well as enhancing its IT systems," said Wan Zulkiflee.

Last year there were 42 new Service stations opened, and this year the company plans to open 40-50 new stations.

"We will nurture and grow our businesses in the Philippines, Myanmar and Thailand. We will focus predominantly into making our LPG supply in Philippines more competitive by looking into investing in more terminals," he said.

Petronas Dagangan Bhd recorded a net profit of RM818.98 million for the financial year ended Dec 31, 2013.
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