Lim Soon Huat, managing director at PPB, said the company will spend 90 million ringgits ($22.7 million) on the new facility, which will be built to meet the rising flour demand in Vietnam.
“So far we have capitalized 1 million ringgits for the early stages of development,” Lim told the Malaysian Reserve, adding that the mill is expected to be completed in 2019.
The company posted total revenue of 4.3 billion ringgits in 2017, aided by higher flour sales in Malaysia and Vietnam, the newspaper said.
PPB Group is an investment holding and property investment company listed on the Main Market of Bursa Malaysia Securities Berhad, the Malaysian stock exchange. Incorporated in Malaysia in 1968, the PPB Group is a conglomerate with total assets and market capitalization of 22.9 billion ringgits and 20.6 billion ringgits, respectively, as of Dec. 31, 2017. It has nine business units, including Flour and Feed Milling (FFM).
PPB FFM is the largest flour miller in Malaysia, operating five mills with a production capacity of 3,050 tonnes per day.
It also operates two flour mills in Vietnam, with a total milling capacity of 7,270 tonnes per day, and one each in Thailand and Indonesia. PPB FFM also has 20% interest in nine associates in China engaged in flour milling.