Works for tower to be done by 3Q15

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KUALA LUMPUR: Permodalan Nasional Bhd (PNB), the country’s largest state asset manager, expects foundation and piling works on the KL118 Tower, formerly Menara Warisan Merdeka, to be completed by the third quarter of next year (3Q15).

“Currently, the foundation work progress is at 52% and should be completed by the third quarter of 2015. We will also announce the main contractor by the second quarter of next year as it is still at the pre-qualification stage,” PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman told a press conference after announcing the income distribution of 6.2 sen per unit for its Amanah Saham Nasional 3 balanced fund yesterday.

The controversial KL118 Tower along Jalan Hang Jebat here will have 118 storeys and is estimated to cost RM5 billion.

Meanwhile, Hamad Kama Piah said he is unaware of talks about MMC Corp Bhd planning to buy MISC Bhd’s 15.73% equity stake in loss-making NCB Holdings Bhd, in which PNB holds a 47.71% stake via AmanahRaya Trustees Bhd.

He was commenting on a report by The Edge Financial Daily yesterday, quoting sources, that negotiations between MMC and MISC are already at an advanced level.

“We are not aware of the news. As of today (yesterday), we have not been served with any information on the offer,” Hamad Kama Piah said.

Shares of NCB rose 7.73% to close at RM2.51 yesterday, bringing a market capitalisation of RM1.15 billion.

 

This article first appeared in The Edge Financial Daily, on November 26, 2014.