News

UMW Holdings allocates RM607 mln capex for 2019

SHAH ALAM, May 23 (Bernama) -- UMW Holdings Bhd has allocated RM607 million in capital expenditure (capex) for the current financial year.

Group president and chief executive officer Badrul Feisal Abdul Rahim said of the amount, RM174 million is set aside for the automotive sector, equipment sector (RM262 million), manufacturing and engineering sector (RM117 million), other sectors (RM51 million), and UMW development aspect (RM1.6 million).

He said the RM174 million meant for the automotive sector to upgrade the group’s factory in Shah Alam to increase its additional production capacity.

This follows the completion of Toyota’s new complete knocked-down (CKD) assembly plant in Bukit Raja, Klang,  he told a press conference after the group’s annual general meeting here today.

Despite the challenges posed by the US-China trade dispute, Badrul Feisal said the company expects its business to gather momentum this year.

He said UMW Holdings aims to introduce more CKD models, including hybrids and sport utility vehicles in the local market in the future,

Following the launch of facelifted Toyota Vios and Toyota Yaris early this year, Badrul Feisal said UMW Holdings was confident in setting high sales targets for its vehicles even though Bank Negara Malaysia lowered its Overnight Policy Rate (OPR) to 25 basis points early last month.

The group is targeting to sell 75,000 Toyota vehicles and 231,000 Perodua vehicles this year, he said, adding that, “We are looking forward to UMW achieving this year's high sales targets based on the sales of 2,000 new Toyota Vios and 800 to 900 new Toyota Yaris within a month since their launch," he said.

-- BERNAMA

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