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PERMODALAN Nasional Bhd (PNB) obtained the development order of 100-storey Menara Warisan Merdeka

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PERMODALAN Nasional Bhd (PNB) has obtained the development order from City Hall to build the 100-storey Menara Warisan Merdeka.

The development order was attached with several conditions, including those related to legal matters, said PNB president and chief executive officer Tan Sri Hamad Kama Piah Che Othman.

“We are studying the terms in order to fulfil them. We must ensure proper planning because the development order is approved with conditions,” he said after announcing the income distribution for Amanah Saham Wawasan 2020 for the year ended August 31 2012, here, yesterday.

Selling more assets to fund tower?

Earlier reports said PNB would be undertaking the RM5 billion Warisan Merdeka development in three phases over 10 years, starting with the 100-storey tower this year.

The tower – touted to be the country’s tallest – will cost RM2.5 billion to RM3 billion and will have gross floor space of three million sq ft and net floor space of 2.2 million sq ft. It is scheduled to be completed in 2015.

To another question, Hamad said PNB would announce the disposal of its fifth non-core company to qualified Bumiputera companies by October.

“Four companies have already been divested so far. We hope everything will be settled by the first half of next year,” he added.

The four are U-Insurance Sdn Bhd, U-Travelwide Sdn Bhd, Inobel Sdn Bhd and FEC Cables (M) Sdn Bhd.

Business Times