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KUALA LUMPUR: Hap Seng Consolidated Bhd plans to spend RM460 million in capital expenditure (capex) for its six divisions this year, said its group managing director Datuk Edward Lee Ming Foo.
The divisions are plantations, property investment and development, credit financing, trading of fertilizers and automotive, as well as building materials and stone quarries.
On merger and acquisition plans, he said, the company saw possible opportunities within the six divisions.
"Obviously, we are looking for opportunities all the time. We will look at the right timing and right pricing," Lee told reporters after the company's annual general meeting and extraordinary general meeting here on Tuesday, June 7.
Lee said the company also planned to reduce its dependence on the plantation division as it hoped to grow other core businesses — fertiliser trading, building materials, automotive and property holdings and development.
He said the plantation division was currently contributing 50% to its profit.
"We expect our 2011 financial year to be better. While growth will be led by the plantation division, we hope all our divisions to contribute positively to our bottom line," he said.
Hap Seng's pre-tax profit for financial year ended Dec 31, 2010 rose to RM504.45 million from RM172.76 million in the same period of 2000.
Its revenue rose to RM2.789 billion from RM2.464 billion previously. — Bernama
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