Group Cites Miscomm After Revealing Fantastic Deal For Nation S Tallest Tower
Kopreasi Amanah Pelaburan Bhd (KAPB) cited miscommunication after revealing that it would be purchasing a 51 percent stake in Mulia Property Development Sdn Bhd (MPDSB), which owns the Exchange 106 tower at Tun Razak Exchange (TRX) in Kuala Lumpur.
Meanwhile, the Finance Ministry also maintained that it was still in control of the 51 percent stake through MKD Signature Sdn Bhd (MSSB).
The ministry said it had acquired a 51 percent stake in MPDSB in 2017 from Indonesia's Mulia International Limited to protect the project which was struggling to secure financing due to the 1MDB scandal.
The acquisition at the time was widely described as a "bailout". Mulia International owned the remaining 49 percent stake.
"For the time being MSSB is still the main shareholder in MPDSB and there is no share sale agreement with anyone," the Finance Ministry said in a statement.
The ministry said Mulia International has a right to acquire the 51 percent stake from the Malaysian government through a call option, after which it can resell the stake.
However, it said Mulia International must first settle all loans extended to it by the government-owned MSSB and the share sale price must be mutually agreed upon.
On Friday, KAPB chairperson Ilyas Mohamed said the investment cooperative had signed a deal more than a year ago to acquire a 51 percent stake in the Exchange 106 project but expected it to be finalised by June.
Ilyas was quoted by Free Malaysia Today as saying that he could not reveal the sum involved but described it as a "fantastic deal".
However, KAPB today said it had not acquired the stake and cited "miscommunication".
Instead, KAPB was quoted as saying that its affiliate company AP Holding Bhd had entered into a strategic partnership with Mulia International that included the option to acquire a stake in Exchange 106, subject to the Finance Ministry's consent.
Exchange 106 was widely reported as Malaysia's tallest building at 492.3m.
However, the reported height is calculated from the elevation of the building site, which is not considered as part of its architectural height.
Excluding the elevation, Exchange 106's official height is at 446m, slightly behind the Petronas Twin Towers at 452m.
This makes Exchange 106 the second tallest building in the country at present.
However, the Exchange 106 is still taller than the Petronas Twin Towers if calculated up to the roof height as, unlike the latter, it does not have spires or antennas.
Both towers are expected to be surpassed when the Permodalan Nasional Berhad's Merdeka 118 Tower in Kuala Lumpur is completed next year, estimated to be at 644m. - Mkini
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