Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.
KUALA LUMPUR: Regional oil refining company Hengyuan Refining Company Bhd
has allocated RM700 million in capital expenditure (capex) over the next one to two years to finance two cornerstone projects, said Chairman Wang You De.
He said the projects, namely Euro4M Mogas and Atlas II, were essential for the company to enhance operational reliability, capture commercial opportunities throughout the value chain and also comply with upcoming regulations on gasoline and diesel specifications.
“The high capex commitment marks a significant juncture in the company's future as we enter our next growth phase by implementing proven and advanced refinery technologies,” he told reporters after the company's annual general meeting here on Thursday. - Bernama
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