Wednesday 28 August 2013

PPB Group sees Puteri Harbour venture bearing fruits in 2015

KUALA LUMPUR: PPB Group Bhd is expecting its venture into Puteri Harbour via its 28% stake in Southern Marina Sdn Bhd to contribute positively starting 2015.

The group had bought 12 acres in Puteri Harbour for RM182mil alongside Kuok Brothers Sdn Bhd  and Khazanah Nasional Bhd this April.

It is allocating RM528mil to expand its business over the next two years. Of the total, RM 60miI is allocated for property investment and development.

Its properties chief operating officer Chew Hwei Yeow said RM40mil would be used for the development in Puteri Harbour.

It allocated RM245miI for its flour and feed milling, and grains trading, which is mainly for mill expansion in China, Indonesia and Vietnam.

Chief financial officer Leong Choy Ying said RM147mil would be used for the opening of new cinemas and equipment upgrading for its film exhibition and distribution division.

For the first half of financial year ended June 30, 2013, its revenue grew by 9% to RM1.58bil.

(The Star, 27 August 2013)

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