Aeon earmarks RM251mil for capex


PETALING JAYA: Aeon Co (M) Bhd is allocating capital expenditure (capex) of RM251mil for 2021 to ramp up its online systems and refurbish its outlets.

During a virtual press conference today following the group’s AGM, managing director Shafie Shamsuddin said 40% of its annual capex will be for technology and information technology systems.

“The balance will be for renovations and maintenance, as well as remodeling of our stores.

“We’re looking at 13 new specialist stores that we are bringing up this year,” he said.

In its latest annual report, the retailer said it has deferred and cancelled its capex for the financial year 2020 by 83% to RM46.4mil from RM274.2mil a year earlier, including deferred investments in new physical stores.

“Such investments will be reviewed going into 2021. Capex has been redirected towards refining and enhancing Aeon’s new retail model, into the company’s digitalisation journey and in developing MaxValu stores,” the company said.

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