THE Minister of Finance (MoF) may have a majority stake in the developer of the Tun Razak Exchange’s Exchange 106 skyscraper, set to be the tallest building in Southeast Asia and one of the 15 tallest buildings in the world, the EdgeProp quoted the Edge weekly as reporting.
The controlling 51% stake is believed to have been acquired two to three months ago from Mulia International Ltd, part of Indonesian conglomerate Mulia Group, the report said, citing a source familiar with the matter.
The report did not state how much was paid for the 51% stake.
The majority owner of Mulia Property Development Sdn Bhd, which was previously fully owned by Mulia International Ltd, is MKD Signature Sdn Bhd, a RM2 company. Its directors are MoF deputy secretary (commercial sector) at the government investment companies (GIC) division Rashidah Mohd Sies, GIC division secretary Asri Hamidin@Hamidon and deputy secretary-general (investment) Mohmad Isa Hussain.
MKD Signature also has an unsatisfied RM2 billion charge created on September 15 last year from HSBC Bank Malaysia Bhd and is wholly owned by Sentuhan Budiman Sdn Bhd.
The Exchange 106, named for its proposed 106 storeys and poised to become a landmark for the financial district, was previously known as the TRX Signature Tower.
The Mulia Group acquired the 1.38ha plot on which the tower is being built in May 2015, as well as the development rights to the building, from master developer TRX City Sdn Bhd for RM665 million.
China State Construction Engineering Corp Ltd’s unit China State Construction Engineering Sdn Bhd will build the tower, calling the building the “tallest building undertaken by Chinese contractors in overseas markets”.
The Exchange 106 will stand at 492.3m when construction is completed this year. The Petronas Twin Towers stand at 451.9m, currently the tallest buildings in Malaysia.
It will offer three million sq ft of lettable area and column-free office floor plates of up to 34,000 sq ft.