UMW announces capex of 1.28 billion ringgit

Diversified group UMW Holdings Bhd plans to spend RM1.3 billion (US$417 million) on capital expenditures (capex) this year, of which RM300 million (US96 million) will be invested in its automotive division alone.
The group aims to maintain a 47% share of the industry’s total car sales.
UMW, which is one of Malaysia’s largest automotive groups, also has businesses in oil and gas, industrial equipment (heavy machinery, industrial, marine and power) and manufacturing (lubricants products) sectors.
UMW President and Group CEO Datuk Syed Hisham Syed Wazir said a portion of the RM1.3 billion will be from internally generated funds while the rest will come from bank borrowings.
“This capex is for various activities such as plant expansion, upgrading machinery and its automotive division. However, this expenditure will not include the planned listing of our oil and gas division,” Syed Hisham said at a briefing on the group’s 2012 financial performance. (February 28, 2013)