Boustead Holdings, a conglomerate controlled by the Armed Forces Fund Board, plans to spend RM570m by year-end to fund its expansion in Malaysia. The budgeted capital expenditure (capex) would be used for the expansion of its dockyard in Lumut, Perak and further develop properties consisting of mainly hotels in Klang Valley. The funds will be financed from on going operations as well as some proceeds from recent rights issue.
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