KUALA LUMPUR (Aug 30): PPB Group Bhd is allocating RM440 million as capital expenditure (capex) over the next two years to expand its businesses, which include flour milling, cinema operations and property development.

PPB also owns an 18.6% stake in Singapore-listed Wilmar International Ltd, the businesses of which include oil palm cultivation and sugar production.

Speaking to reporters during a press and analyst briefing here today, PPB managing director Lim Soon Huat said the group would spend RM175 million to grow its grains and agribusiness operations.

The amount, according to Lim, has been allocated for investments in Malaysia, China and Vietnam.

PPB also earmarked money for its Malaysian cinema capex. Lim said PPB planned to invest RM187 million in its cinema operations undertaken via 100%-owned Golden Screen Cinemas Sdn Bhd.

"We will be opening eight cinemas in five locations with 89 new screens in the next three years," he said. According to him, PPB will open five new cinemas next year followed by one in 2018 and two in 2019.

"There will be no new opening this year (2016). But we are adding four more screens to our flagship cinema at Mid Valley Megamall," he said.

So far, PPB is operating 446 screens in 33 locations across the country, according to Lim.

At 12:30pm today, PPB shares rose eight sen or 0.5% to settle at RM16.06 for a market value of RM19.04 billion. The stock saw 76,800 shares traded.