PETALING JAYA: Luxchem Corp Bhd, an industrial chemical and related products manufacturer, has allocated between RM10 and RM15mil for capital expenditure (capex) for financial year 2018.
Managing director/chief executive officer Tang Ying See said the allocation would be disbursed progressively in stages for a warehouse construction in Pulau Indah, Port Klang.
For 2017, the group’s capex of RM12mil was spent to fund, among others, the construction of a polymer plant (RM4mil) and a warehouse in Penang (RM3mil), and the acquisition of Transform Master Sdn Bhd (RM1mil), he told reporters at the company’s EGM here yesterday.
At the EGM, Luxchem obtained shareholder approval for its proposed share split involving the subdivision of every one existing ordinary share in the company into three shares.
On further acquisitions, Tang pointed out that the company was on the look out for opportunities, provided they are in line with its expansion plans.
Luxchem, which expanded into Indonesia six years ago and Vietnam one year ago, plans to increase the capacity of its production plants in Melaka and Sitiawan, Perak. — Bernama
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